BudgIT Nigeria has raised concern over the revenue figure declared by the budget office and the disclosure made recently by the Minister of Finance and Coordinating Minister of Economy, Wale Edun.
The civic organisation raised the alarm in a post on its X handle on Friday, December 19.
It stated: “While the Budget Office @PlanningNG has not provided full implementation reports, the MTEF document shows the FG raised N13.6tn as of July 2025 and spent N20.39tn.
“However, the Minister of Finance said FG has raised only N10.7tn so far.”
Edun had on Tuesday, December 16, hinted that the federal government recorded N10.7 trillion revenue in the 2025 fiscal year relative to the N40.8 trillion projection for this year.
In an earlier post on Thursday, BudgIT had queried why President Bola Tinubu would present the 2026 budget of N54.4 trillion to the National Assembly without first accounting for the 2025 budget performance report.
The President is expected to present the 2026 budget to the National Assembly today.
Reacting to this, BudgIT pointed out that Tinubu’s government has yet to make public the 2025 budget implementation report.
“Mind you, there is still no budget implementation report for 2025. The 2026 budget is almost here, yet we don’t know how the 2025 budget performed. “No report. No accountability,” it stated.
Pinnacle Daily reports that President Tinubu signed the N54.99 2025 budget into law in February.
Similarly, an economist, Kalu Aja, commenting on his X handle on December 18, stated that no Nigerian President had raised revenue and spending as Tinubu has done since assuming office in May 2023.
Providing data to that effect, he said, “No Nigerian President has raised revenues like President Bola Tinubu. He took revenues from N7t to N20t in 24 months.
“No Nigerian President has spent funds like President Bola Tinubu. He took spending from N6t to N34t in 24 months.
“No Nigerian President has borrowed funds like President Bola Tinubu. He increased debt service from N7t to N12t in 24 months,” he pointed out.
Aja added that, for the avoidance of any doubt, the number under ‘Debt” is new borrowing, not debt servicing.
Pinnacle Daily reported that the Federal Executive Council (FEC) on December 4 approved the 2026–2028 Medium-Term Expenditure Framework (MTEF) with a ₦34.33 trillion revenue target.
On Thursday, December 11, the Senate received the 2026–2028 MTEF and had set in motion the legislative review of the 3-year fiscal framework.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
