The National Assembly is set to extend the 2024 budget lifespan following delays in the presentation of the 2025 budget by President Bola Tinubu.
The 2025 budget, valued at N47.9 trillion, is now scheduled to be presented to a joint session of the National Assembly.
However, due to the late submission, it will not be passed before the year ends.
The revelation was made by the Senate President Godswill Akpabio during his opening remarks at the National Assembly’s joint sitting on Wednesday, where President Bola Tinubu presented the 2025 Appropriation Bill.
While highlighting the performance of the 2024 budget, Mr. Akpabio revealed that capital expenditure achieved a 50% implementation rate, while recurrent expenditure stood at 48%.
These figures underscore the government’s ongoing efforts to balance fiscal responsibilities and developmental goals.
President Tinubu presented the proposed 2025 Appropriation Bill for legislative consideration and passage.
Meanwhile, Chairman of the Senate Committee on Capital Markets and Institutions, Senator Osita Izunaso, explained that the delayed submission of the budget makes it impossible for it to be passed by the end of December 2024.
He noted that while the 2024 budget will be extended, the tradition of starting a new year with a new budget has been lost.
“The budget has a lifespan of 12 months, and we still have the liberty to extend it,” he said.
He added that while the late submission was unfortunate, it was not a major issue, though it did disrupt the regular budget cycle.
This delay marks a departure from the reforms implemented by the 9th National Assembly in 2020, which shifted Nigeria’s budget cycle from June-May to January-December to enhance budget planning and performance.
However, speaking during the presentation of the appropriation bill, Mr. Tinubu stressed the importance of adhering to the January-December budget cycle.
He urged lawmakers to ensure the timely passage of the budget, to make it effective from January 1, 2024.
With the delayed submission of the 2025 budget, the timeline will now stretch into the next year.
The Senate and the House of Representatives are currently in separate closed-door sessions.