The National Assembly has extended the validity of the 2024 budget following the presentation of the N47.9 trillion 2025 Appropriation Bill by President Bola Ahmed Tinubu at a joint session earlier today.
During the session, Senate President Godswill Akpabio highlighted the implementation performance of the 2024 budget, noting a 50% achievement in capital expenditure and 48% in recurrent expenditure. Despite the 2025 budget presentation, delays mean it will not be passed before the end of the year, necessitating the extension of the current budget.
Senator Osita Izunaso, Chairman of the Senate Committee on Capital Markets and Institutions, confirmed the adjustment while emphasizing the importance of resuming the January-December budget cycle, disrupted by the late submission.
President Tinubu urged lawmakers to ensure the swift passage of the 2025 budget to maintain fiscal discipline and planning.
