The National Assembly has approved an extension of the 2024 budget cycle, with the budget now set to expire in June 2025.
This decision follows delays in the presentation of the 2025 budget, which prevented the usual timely passage of the new financial plan.
President Bola Tinubu’s 2025 budget, valued at N47.9 trillion, was originally scheduled for approval before the end of December 2024.
However, due to the late submission of the budget, it is now impossible for lawmakers to complete the approval process by the year’s end.
Chairman of the Senate Committee on Capital Markets and Institutions, Senator Osita Izunaso, confirmed the extension of the 2024 budget and explained that this would extend its life until June 2025.
He further stated that while the extension was necessary, it would disrupt the tradition of starting a new fiscal year with a fresh budget.
Despite this, Izunaso assured that the late submission would not pose significant problems for the country’s financial planning.
Former Senate President Ahmad Lawan had previously emphasized the importance of adhering to the January-December budget cycle for better macroeconomic management.
However, with the delayed presentation of the 2025 budget, the government has been forced to extend the 2024 budget cycle into mid-2025.
The 2025 budget is now set to be presented to the National Assembly at 12:00 pm.
