The National Assembly has extended the lifespan of the 2024 budget to June 30th, 2025.
The National Assembly has approved an extension of the 2024 Budget’s lifespan to June 2025, ensuring a smooth continuation of fiscal operations and the seamless execution of key government projects.
The announcement was made by the President of the Senate, Godswill Akpabio, during a joint session 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 pivotal in advancing Nigeria’s economic and developmental objectives. Highlighting the Tax Reform Bill, the Nigerian Revenue Service Establishment Bill 2024, and other critical legislative initiatives, he emphasized that these steps are essential in realizing 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 take an active role in the budget defence process, stressing the importance of timely submissions and meaningful participation.
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He warned that the National Assembly would take firm action against MDAs that fail to appear for budget defence sessions or cause unwarranted 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 without interruption while the 2025 budget undergoes deliberation and approval.
Analysts believe this extension will help the government achieve its economic objectives while addressing challenges related to delayed project implementation and fiscal bottlenecks.
