NEWS
Senate Seeks Replacement of Envelope with Priority Based Budgeting
By Eze Okechukwu, Abuja
The senate has sought for the replacement of the envelope budgeting system with priority or performance based model, emphasizing that the current model has left the federal government with huge debts to many contractors on projects executed as far back as in 2024, not to talk of those in 2025.
The senate’s declaration was sequel to deliberations taken by its Finance Committee during an interactive session with the economic management team of the Federal Government led by the Minister of Finance and Coordinating Minister of Economy, Mr Wale Edun which also had in attendance the Minister of Budget and National Planning , Senator Atiku Bagudu, the Accountant General of the Federation, Dr Shamseldeen Babatunde Ogunjimi and the Chairman, Nigeria Revenue Service ( NRC ) Zacch Adedeji.
Putting the economic team on their toes in his opening remarks at the critical interactive session, the Chairman of the Finance Committee, Senator Sani Musa (APC, Niger East) said that the realities on ground based on feedbacks gotten from submissions made by heads of the various MDAs during budget defence sessions show that the impact of the economy was not felt by the ordinary Nigerians.
According to him , the economic team needed to collaborate with the National Assembly for a way out, stressing that such required the replacement of the current operational systems.
” Specifically, based on submissions made by heads of various agencies during the ongoing budget defence sessions , the Envelope system of budgeting has failed and needs to be replaced by priority based model. The incremental allocation model has outlived its usefulness. It promotes routine expenditure expansion rather than strategic prioritisation.
” Similarly, the centralized system of payment which has led to many contractors remaining unpaid for projects already executed , should be replaced with the old system which allows the various MDAs , pay contractors they gave job to”, he said.
He further emphasized the need to restore strict adherence to the annual budget cycle, insisting that budgets must be time-bound and measurable.
“If, by December, we cannot assess ourselves realistically, then the system is failing. We must return to a disciplined budget cycle where one fiscal year ends before another begins”, he said .
In their separate remarks, all the members of the Committee toed the line of the Chairman by admonishing the economic team to sit up for better budget planning and implementation as well as prompt payments of contractors.
In their responses, the economic team assured the Committee and by extension, Nigerians that the outlook for 2026 is very positive for the N58.472trillion proposed budget in terms of implementation.
He explained to the committee that N152trillion budget profile the country current has , was not accumulated by borrowings alone .
He said : “Currently, government debt in Naira terms, is 152 trillion Naira. About 30 trillion Naira came from Ways and Means inherited by this government and N9trillion incurred from exchange rate adjustment.
“So virtually half of that debt is made up of adjustments. It is not additional borrowing.
Additional borrowing since 2023 is in the 20 trillion range.
“Going forward is what matters most. Prioritization will start with the MDAs, bringing forward growth-enhancing projects. Then the Economic Management Team will review those projects, and finally, Mr. President will decide financing based on priorities, particularly for capital projects.”
Earlier at the commencement of the critical engagement session with the economic team, the committee resolved to write President Bola Tinubu to sack the Registrar – General of CAC , for his persistently refusing to appear before it .
Nasarawa State University, Keffi and Prince Interior Vocational Institute have taken a significant step toward strengthening entrepreneurship and practical skills development among its students aimed at training professional furniture artisans.
The collaboration, formalised through a Memorandum of Understanding (MOU), is expected to produce over 500 furniture artisans within two years.
In her remarks during the signing of the MoU, the Vice-Chancellor of the university, Prof.
Sa’adatu Liman said that the collaboration was one of the criteria for TETFUND guidelines in entrepreneurial development output.Liman commended the company for finding the institution a worthy and reliable partner for the entrepreneurial and vocational project.
According to her, the partnership will be beneficial to the entire university community.
Earlier, the Director of the university Entrepreneurship Development Centre (EDC), Prof. Rashidah Olanrewaju, said the university students will benefit from about 50 different skills in the EDC.
She appreciated the company for the partnership and wished the partners a successful and fruitful collaboration.
The Chief Executive Officer, Prince Interior Vocational Institute, Emeka Owgueke explained that the programme targets the establishment of a medium-scale furniture workshop on campus.
He said that the workshop will be equipped with the basic machines to sustain production and reduce the university’s overhead costs on furniture procurement.
According to Owgueke, the partnership represents a shared vision to create opportunities for young Nigerians to acquire marketable skills and build sustainable businesses within the furniture and interior design industry.
He explained that participants in the programme will be exposed to the entire furniture production value chain, including raw material sourcing, product manufacturing, finishing, branding, marketing, and distribution.
He said under the agreement, students of the university will receive hands-on training in furniture making, interior product design, and business development.
” Under the agreement, university students will be enrolled at Prince Interior Vocational Institute to acquire hands-on, certified training in furniture making, interior product design, and business development.
He commended the leadership of the University for recognising the importance of vocational education and enterprise development in addressing youth unemployment and building a resilient local economy.
“We are deeply grateful to Prof. Sa’adatu Liman and the leadership of the Nasarawa State University for recognising our uniqueness and extending this incredible opportunity to us.
” This partnership is more than an academic arrangement — it is a shared commitment to opening doors for more young Nigerians to boldly step into their career journey, whether from scratch, brushing up existing skills, or upgrading to the next level in the interior and design space.”
Students gain profitability-focused mentorship covering production, pricing, branding, and distribution of furniture goods.
Pope Leo calls for a ceasefire and denounces “horrific violence” in the Middle East
Pope Leo XIV has called for a ceasefire in the Middle East conflict as Israel and Iran continue to trade blows and the death toll across the region mounts.
“On behalf of the Christians of the Middle East and all women and men of good will, I appeal to those responsible for this conflict: cease fire,” Leo said today after the Sunday Angelus prayer in Vatican City.
The first American pontiff said people in the region have been “suffering the horrific violence of war” for the past two weeks since the conflict broke out.
“Thousands of innocent people have been killed and many more forced to flee their homes. I once again offer my prayers to all those who have lost loved ones in the attacks that have struck schools, hospitals and residential areas,” he said.
Leo added that “violence can never lead to the justice, stability and peace that the people are waiting for.”
FAAC Shares N1.894trn Feb Revenue to FG, States, LGCs
By Tony Obiechina, Abuja
A total sum of N1.894 trillion, being February 2026 Federation Account Revenue, has been shared to the Federal Government, States and the Local Government Councils.
The revenue was shared at the March 2026 Federation Account Allocation Committee (FAAC) meeting held in Abuja, according to a statement by Bawa Mokwa, Director of Press and Public Relations at the weekend.
The N1.894 trillion total distributable revenue comprised distributable statutory revenue of N1.274 trillion, distributable Value Added Tax (VAT) revenue of N619.119 billion.
A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that total gross revenue of N2.230 trillion was available in the month of February 2026. Total deduction for cost of collection was N77.302 billion while total transfers, refunds and savings was N259.078 billion.
According to the communiqué, gross statutory revenue of N1.561 trillion was received for the month of February 2026. This was lower than the sum of N1.957 trillion received in the preceding month by N395.138 billion.
Gross revenue of N668.450 billion was available from the Value Added Tax (VAT) in February 2026. This was lower than the N1.083 trillion available in the month of January 2026 by N414.710 billion.
The communiqué stated that from the N1.894 trillion total distributable revenue, the Federal Government received a total sum of N675.088 billion and the State Governments received a total sum of N651,525 billion.
The Local government Council received N456.467 billion, while the sum of N110.949 billion (13% of mineral revenue) was shared to the benefiting State as derivation revenue.
On the N1.274 trillion distributable statutory revenue, the communiqué stated that the Federal Government received N613.174 billion and the State Governments received N311,010 billion.
The Local Government Councils received N239.776 billion and the sum of N110.949 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
From the N619.119 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N61.912 billion, the State Governments received N340.515 billion and the Local Government Councils received N216.692 billion.
In February 2026, Oil and Gas Royalty and Excise Duty increased significantly while Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Companies Income Tax (CIT), CGT and SDT and Value Added Tax (VAT) decreased substantially.
Import Duty and CET increased marginally
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