Experts have raised fresh concerns over the management of Nigeria’s public finances, warning that the rising cost of governance, persistent budget deficits, and poor implementation of capital projects could undermine the country’s economic growth. They have urged the Federal Government and the National Assembly to adopt more prudent fiscal policies, improve revenue generation, and ensure greater accountability in the management of public funds.
A policy analyst with the BudgIT Foundation, Oluwatosin Iseniyi, expressed concern over what he described as the high cost of governance following the organisation’s review of the proposed 2026 budget. Speaking with our correspondents, Iseniyi said the Federal Government plans to spend more than it is projected to generate in revenue, a trend he warned could place additional pressure on the nation’s finances.
He said the BudgIT Foundation has advised the Presidency and the National Assembly to explore more sustainable sources of revenue instead of relying heavily on crude oil earnings. According to him, broadening the country’s revenue base is essential for achieving long-term economic stability.
Iseniyi also expressed concern over the poor implementation of capital projects, noting that many schools and other government projects have remained abandoned or incomplete over the past five years despite substantial budgetary allocations. He attributed the situation to weak implementation of capital expenditure.
“When you examine budget implementation, you will notice that capital expenditure is hardly implemented. Some capital projects budgeted for 2025 are now being rolled over into the 2026 budget. Our budget lacks credibility because government expenditure is too high for the available resources, while recurrent expenditure continues to rise. Throughout the fiscal year, many capital projects earmarked for implementation were never executed.”
Speaking further on the nation’s fiscal outlook, Iseniyi said the proposed 2026 budget reflects a significant deficit, indicating that projected government revenue may not be sufficient to finance planned expenditure during the fiscal year. He stressed the need for prudent spending, improved revenue generation, and strict fiscal discipline.
Meanwhile, constitutional lawyer Dr Innocent Ekwu has called for greater accountability in the National Assembly over the management of the 2026 budget. He urged lawmakers to demonstrate patriotism and transparency by ensuring that the budgeting process remains open, credible, and in the best interest of Nigerians.
Dr. Ekwu also stressed that the leadership of both the Executive and the Legislature must remain accountable to the people and uphold the principles of good governance.
The National Assembly must demonstrate transparency and accountability in the management of the nation’s budget. Nigerians deserve a budgeting process that reflects the public interest and ensures that public resources are used for national development.”
The experts’ concerns have added to the growing calls for a more credible budgeting process that promotes accountability, guarantees value for public funds, and accelerates the delivery of critical infrastructure and social services across the country.
