The National Assembly has officially extended the duration of the 2024 budget to June 30, 2025, a decision aimed at ensuring uninterrupted fiscal operations and the smooth continuation of government projects.
Senate President Godswill Akpabio announced this development during a joint session of the National Assembly, where President Bola Tinubu presented the 2025 budget proposal.
Acknowledging President Tinubu’s Reforms
During the session, Senator Akpabio lauded President Tinubu’s ambitious reform initiatives, emphasizing their importance in driving Nigeria’s economic growth and technological advancement. Notable reforms highlighted include the Tax Reform Bill and the Nigerian Revenue Service Establishment Bill 2024, both of which are pivotal to achieving the administration’s vision of a prosperous nation.
Ensuring Accountability in Budget Defence
The Senate President also underscored the importance of accountability in the budget process. He urged Ministries, Departments, and Agencies (MDAs) to actively participate in budget defence sessions and submit their proposals on time. Akpabio issued a stern warning to MDAs that any unnecessary delays or absences during these sessions would face strict consequences from the National Assembly.
The Significance of the Extension
The decision to extend the 2024 budget timeline is seen as a strategic move to support the government’s reform agenda and ensure critical projects are completed without disruption. Analysts believe this extension will provide much-needed flexibility in addressing challenges such as project delays and fiscal constraints while allowing the 2025 budget to be thoroughly reviewed.
By extending the budget’s lifespan, the government aims to sustain its developmental objectives, ensuring continued funding for key initiatives while positioning Nigeria for sustained economic progress.
