National Assembly Approves 6 Month Extension for 2024 Budget Implementation

The National Assembly has approved a six-month extension for implementing the 2024 Budget, as announced by Senate President Godswill Akpabio during President Bola Tinubu’s presentation of the 2025 Budget on Wednesday. Addressing a joint session of the Senate and House of Representatives, Akpabio reiterated the commitment to national service, emphasizing the importance of prioritizing Nigeria’s development.

He noted that the 2024 Budget had recorded significant progress, with 50% of capital expenditure and 48% of recurrent expenditure already achieved. Based on this performance, the National Assembly decided to extend the 2024 Budget’s validity until June 30, 2025. A formal bill for the extension will soon be forwarded to President Tinubu for approval to ensure the budget’s momentum continues.

During the same session, President Tinubu unveiled a ₦47.9 trillion budget proposal for 2025, marking a sharp increase of nearly ₦20 trillion from the 2024 Budget. This proposal aligns with his administration’s broader economic vision.

The 2024 Budget, initially presented by Tinubu in December 2023 at ₦27.5 trillion, was later increased by the Senate to ₦28.7 trillion. The extension of this budget and the introduction of the 2025 proposal reflect ongoing efforts to sustain Nigeria’s economic growth and stability.

Additionally, Akpabio addressed concerns about governance, warning that underperforming or defiant ministers would not be tolerated in President Tinubu’s administration. This statement underscores the government’s focus on accountability and effective leadership as it implements its fiscal and developmental plans.