The National Assembly has approved an extension of the 2024 budget’s implementation period to June 2025, ensuring continuity in fiscal operations and the uninterrupted execution of key government projects.
The announcement was made by Senate President Godswill Akpabio during the joint session of the National Assembly, where President Bola Tinubu presented the 2025 budget proposal.
Commending Tinubu’s Reform Agenda
Senator Akpabio praised President Tinubu for his bold economic reforms, which have played a pivotal role in advancing Nigeria’s economic and developmental goals. He highlighted critical legislative initiatives, such as the Tax Reform Bill and the Nigerian Revenue Service Establishment Bill 2024, as essential steps toward achieving the administration’s vision of a prosperous, technologically advanced Nigeria.
Emphasis on Accountability
The Senate President called on Ministries, Departments, and Agencies (MDAs) to actively engage in the budget defence process. He stressed the importance of timely submissions and meaningful participation, warning that the National Assembly would take decisive measures against any MDAs that fail to appear for budget defence sessions or cause unnecessary delays.
Importance of the Budget Extension
The extension of the 2024 budget to mid-2025 is seen as a strategic decision aimed at supporting the government’s ambitious reform agenda. Key benefits of the extension include:
- Sustained Expenditures: Ensures critical government spending continues uninterrupted while the 2025 budget undergoes deliberation and approval
- Flexibility for Reforms: Provides the government with adequate time to implement ongoing projects tied to its reform agenda.
- Improved Project Implementation: Helps mitigate challenges such as delays and fiscal bottlenecks that could hinder the achievement of economic goals.
Analysts view the move as a proactive step toward sustaining economic momentum while allowing the government to navigate challenges in project execution and fiscal management.
Further details are expected to emerge as discussions on the 2025 budget proposal progress.
