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Lagos, Lagos State – By Prime Brief Media

The Lagos Chamber of Commerce and Industry has warned that weak budget implementation and overlapping fiscal cycles are undermining Nigeria's fiscal credibility, cautioning that the Federal Government's plan to spend rather than save rising oil revenues threatens long-term sustainability.

Speaking at the second quarterly press conference on the state of the economy in Lagos, the LCCI President, Leye Kupoluyi, said global geopolitical tensions, particularly the US-Israel conflict with Iran, had pushed Brent crude prices to $115 per barrel, far above Nigeria's budget benchmark.

"Global geopolitical developments, particularly the US-Israel conflict with Iran, have pushed Brent crude prices to $115 per barrel, more than 75 per cent above the budget assumption. While this creates a windfall in oil revenue, the decision to deploy increased funds rather than save for fiscal buffers raises concerns about sustainability and fiscal prudence," Kupoluyi said.

He warned that weak budget implementation and overlapping budgets further undermine fiscal credibility. President Bola Tinubu had signed the 2026 Appropriation Act, approving a total expenditure of N68.32 trillion, up from the initial N58.47 trillion proposal. The Chamber urged the government to adopt a more disciplined fiscal framework.

"We recommend a disciplined budget process with clear priorities, transparency in debt management, and stronger monitoring mechanisms to ensure that budgetary allocations translate into tangible outcomes," Kupoluyi stated.

The LCCI also raised concerns over inflation, which rose to 15.38 per cent in March 2026, reversing a prolonged disinflation trend. On foreign exchange, the Chamber noted improved stability, with the naira appreciating to about N1,350.79/$ at the official market, supported by reforms and improved liquidity. However, Nigeria's rising debt profile, which stood at N159.28 trillion as of 31 December 2025, was flagged as a concern.

Kupoluyi warned: "The anticipated oil windfall in 2026 offers a positive buffer, but its impact may be limited if not strategically managed."

Prime Brief Media will report on further economic indicators and official responses as they become available.

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