The National Assembly is set to extend the 2024 budget cycle due to delays in budget submission. President Bola Tinubu will present the N47.9 trillion 2025 budget to a joint session of the legislature today at noon.
Senator Osita Izunaso, Chair of the Senate Committee on Capital Markets, acknowledged that the late submission makes it impossible to pass the budget by year-end, disrupting the January-December budget cycle reintroduced in 2020 during former President Buhari’s administration. Despite this, Izunaso reassured that budgets maintain a 12-month lifespan and can be extended if necessary.
The January-December cycle was established to improve planning and budget performance, replacing the previous June-May cycle. While Tinubu emphasized the importance of timely passage during his 2024 budget presentation, delays have raised concerns about maintaining this practice.
The National Assembly has already approved the 2025–2027 Medium-Term Expenditure Framework, but uncertainty persists over the timeline for future budgets. Meanwhile, key government officials, including Finance Minister Wale Edun and NNPC Group Managing Director Mele Kyari, are in attendance at the closed-door sessions.
