The National Assembly is poised to extend the 2024 budget cycle due to delays in President Bola Tinubu’s presentation of the 2025 budget.
The proposed 2025 budget, valued at N47.9 trillion, is now set to be presented to a joint session of the National Assembly at 12:00 PM. However, the late submission will prevent it from being approved before the end of the year.
Senator Osita Izunaso, Chairman of the Senate Committee on Capital Markets and Institutions, clarified that the delayed submission makes it impossible to finalize the budget by December 2024. He noted that while the 2024 budget will be extended, the tradition of commencing the new year with a new budget has been disrupted. “The budget has a lifespan of 12 months, and we still have the option to extend it,” he stated.
He remarked that although the late submission is regrettable, it is not a critical issue, even though it has interrupted the regular budget cycle. This delay contrasts with reforms made by the 9th National Assembly in 2020, which shifted Nigeria’s budget cycle from June-May to January-December to improve budget planning and execution.
Former Senate President Ahmad Lawan pointed out that transitioning to a January-December cycle enhances the effective implementation of Nigeria’s macroeconomic framework. President Tinubu highlighted the importance of adhering to this cycle during the November presentation of the 2024 budget, urging lawmakers to ensure its timely passage for effectiveness starting January 1, 2024. However, with the postponement of the 2025 budget submission, the timeline will now extend into the next year.
Currently, both the Senate and the House of Representatives are engaged in separate closed-door sessions, with key officials, including Finance Minister Wale Edun and Mele Kyari, Group Managing Director of the Nigerian National Petroleum Company (NNPC), participating in the ongoing discussions at the National Assembly.
