The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Thursday, hailed President Bola Ahmed Tinubu on fiscal reforms.

The Minister said that fiscal reforms by President Bola Tinubu administration aimed to restore macroeconomic stability after years of heavy reliance on deficit financing and subsidy-related funding.

Edun, at the appearance of the Presidential Economic Team before the House Committee on Appropriations, to review the 2025 budget and proposals for 2026, said that previous reliance on ways and means financing and under-recovered petrol subsidies was unsustainable, with borrowing having risen to about ₦30 trillion.

After his presentation, members were keen to ask questions and comment, amid concerns over unpaid local contractors that sparked protests outside the National Assembly gate.

Committee member, Ahmed Jaha, stated the Finance Ministry cannot mislead lawmakers. He highlighted that the State Minister promised to release 50% of the 2025 capital component within seven days, yet, nearly a month later, no action followed. Jaha demanded the Minister of State for Finance to appear before the House Committee immediately.

Also, at the session were the Minister of Budget and Economic Planning, Atiku Bagudu, and the Executive Chairman of the National Revenue Service, Zach Adedeji.

Bagudu said an agreement was reached to move about 70 per cent of the 2025 capital component into 2026 to improve implementation.

Adedeji said the NRS is projecting a total revenue target of ₦40.7 trillion for 2026, following tax reforms. He added that the service exceeded its 2025 revenue target of ₦25.2 trillion, collecting ₦28.23 trillion, largely from non-oil taxes, while oil revenue fell short by about 5.2 per cent.

Chairman of the committee, Abubakar Bichi, said the session was necessary to allow lawmakers scrutinise revenue projections and budget performance ahead of the 2026 appropriation bill.