The National Assembly has approved an extension of the 2024 Budget’s lifespan to June 2025, ensuring continuity in fiscal operations and the seamless execution of key government projects.
The announcement was made by the President of the Senate, Godswill Akpabio, during the joint sitting of the National Assembly for the presentation of the 2025 budget proposal by President Bola Tinubu.
Commending Tinubu’s Reform Agenda
Senator Akpabio praised President Tinubu for his bold reforms, which have been central to advancing Nigeria’s economic and developmental goals.
Highlighting the Tax Reform Bill, the Nigerian Revenue Service Establishment Bill 2024, and other critical legislative initiatives, he noted that these efforts are essential steps toward the administration’s vision of a prosperous, technologically advanced Nigeria.
Call for Accountability in Budget Processes
The Senate President urged Ministries, Departments, and Agencies (MDAs) to prioritize their roles in the budget defence process, emphasizing the need for timely submissions and active participation.
He warned that the National Assembly would take decisive action against MDAs that fail to appear for budget defence sessions or cause unnecessary delays.
Why the Budget Extension Matters
- The extension of the 2024 Budget to mid-2025 is seen as a strategic move to accommodate the government’s ambitious reform agenda and provide flexibility in implementing ongoing projects.
- This decision ensures that critical expenditures continue uninterrupted while the 2025 budget undergoes deliberation and approval.
- Analysts believe the extension will help the government achieve its economic goals while mitigating challenges posed by delayed project implementation and fiscal bottlenecks.
