Senate on Thursday threatened to reduce the proposed N58.472 trillion 2026 Appropriation Bill over what it described as unrealistic revenue projections, poor oil performance benchmarks, and persistent failures in capital budget implementation.
The warning came during a tense interactive session between Senate Committee on Appropriations and the federal government’s economic team, where lawmakers openly questioned the credibility of key assumptions underpinning the record budget proposal.
In a related budget defence development earlier, National Assembly proposed a take-off grant of N1.5 trillion for Federal Ministry of Art, Culture, Tourism and the Creative Economy (FMACTCE) to reposition the sector as a key driver of economic diversification and reduce Nigeria’s dependence on oil revenue.
The proposal was unveiled during the ministry’s 2025 budget defence before the Joint Committee on Culture, Art and Creative Economy.
During the session, lawmakers expressed strong confidence in the sector’s capacity to generate massive revenue, create jobs, and earn foreign exchange, if properly structured and funded.
In her presentation, Minister of Art, Culture, Tourism and the Creative Economy, Hannatu Musa Musawa, projected that the sector could contribute $100 billion to Nigeria’s Gross Domestic Product (GDP) and generate over 2.5 million jobs by 2030.
