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BREAKING: National Assembly Extends 2024 Budget Lifespan to June 30, 2025
The National Assembly has approved an extension of the 2024 Budget’s lifespan to June 30, 2025, to ensure continuity in fiscal operations and the smooth execution of vital 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.
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Commending Tinubu’s Reform Agenda
Senator Akpabio lauded President Tinubu for his bold reform efforts, which are central to Nigeria’s economic and developmental progress. Highlighting initiatives such as the Tax Reform Bill, the Nigerian Revenue Service Establishment Bill 2024, and other key legislative proposals, Akpabio emphasized that these reforms are crucial steps toward the administration’s vision of creating a prosperous and technologically advanced Nigeria.
Call for Accountability in Budget Processes
The Senate President urged Ministries, Departments, and Agencies (MDAs) to be active participants in the budget defence process by making timely submissions and prioritizing their roles. He cautioned that the National Assembly would take firm action against MDAs that fail to attend budget defence sessions or cause avoidable delays.
Why the Budget Extension Matters
Extending the 2024 Budget to mid-2025 is viewed as a strategic decision to support the administration’s ambitious reform agenda while allowing flexibility to implement ongoing projects. This extension ensures that essential expenditures continue without disruption while the 2025 budget goes through deliberation and approval.
Analysts believe the move will enable the government to achieve its economic objectives while addressing challenges related to delayed project implementation and fiscal constraints.
Details later…