BREAKING: National Assembly approves extension of 2024 budget to June 2025

The National Assembly has finalised plans to extend the 2024 budget cycle beyond its scheduled timeframe, raising concerns about the timely passage of the 2025 budget.

Due to the late submission and presentation of the 2025 Appropriation Bill by President Bola Tinubu, lawmakers may be unable to approve it before the end of the year. As a result, Nigeria will forego its recent tradition of commencing the new year with a fresh budget, with the 2025 budget cycle no longer aligned to the January-December timeline.

This update was revealed by Osita Izunaso, Chairman of the Senate Committee on Capital Markets and Institutions, during an interview with Punch on Wednesday. While Izunaso emphasized that the National Assembly does not intend to deliberately delay the budget’s passage, he acknowledged that the January-December framework would inevitably be disrupted. However, he reassured that the budget would retain a 12-month lifespan once approved.

“The budget is coming late. Today is December 18, so we will lose that culture of beginning a new year with a new budget,” Izunaso stated. “Nevertheless, the budget has a lifespan of 12 months. Even after 12 months, we still have the liberty to extend it. In fact, we are extending the 2024 budget today.”

He also noted that while the executive may not have intentionally delayed submitting the budget, its late arrival affects Nigeria’s ability to maintain its budgeting schedule. “The executive ought to have brought this budget way before now. But I believe that maybe they are putting things together. They wouldn’t want to delay deliberately bringing the budget to the National Assembly,” he added.

The January-December budget cycle was introduced in 2020 by the 9th National Assembly during the administration of former President Muhammadu Buhari, replacing the June-May cycle that had been in place until 2019. The shift aimed to improve budget implementation and performance.

On Wednesday, President Bola Tinubu presented an estimated ₦47.96 trillion expenditure plan for the 2025 fiscal year to the National Assembly.