The National Assembly passed revised budgets for 2024 and 2025 on Tuesday, December 24, 2025, extending the 2025 fiscal year to March 31, 2026. Lawmakers approved a N43.561 trillion framework for 2024 and a reduced N48.316 trillion for 2025 after considering reports from their appropriations committees. President Bola Tinubu transmitted the repeal and re-enactment bills on December 20, 2025, to address revenue constraints and execution challenges.
The revisions tackle persistent issues like revenue shortfalls, low capital spending in 2024, and overlapping budget cycles that erode transparency and accountability. Officials added N8.5 trillion to 2024 capital allocations for security, humanitarian aid, and economic needs. They deferred N6.674 trillion from 2025 capital to 2026 due to funding limits, targeting a realistic 30 per cent implementation rate for ministries, departments, and agencies.
President Tinubu described the changes as part of broader fiscal reforms to fix structural flaws, improve coordination, and deliver better value. Senator Solomon Adeola, chairman of the Senate Appropriations Committee, warned that running multiple budgets simultaneously undermines discipline. The extension gives agencies more time to access and utilise targeted capital releases effectively.
Both the Senate and House of Representatives conducted clause-by-clause reviews before passing the bills for third reading. These adjustments aim to align spending with economic realities while prioritising debt sustainability and national development goals. As overlapping cycles end, Nigerians hope for stronger budget performance and tangible project outcomes in the coming months.
1 comment
https://shorturl.fm/wvwxj