Nigeria Today Magazine Breaking News,News Breaking! National Assembly extends 2024 budget

Breaking! National Assembly extends 2024 budget


Senate president, Godswill Akpabio

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The National Assembly has approved extending the 2024 budget’s implementation period to June 30, 2025, to ensure the completion of key government projects.

Senate President Godswill Akpabio announced this extension during President Bola Tinubu’s presentation of the 2025 Appropriation Bill to a joint session of the National Assembly.

Akpabio noted that the 2024 budget has achieved a 50% performance rate in capital expenditure and 48% in recurrent expenditure. He emphasized the necessity of the extension to build on the current budget’s successes.

He also urged ministers and heads of ministries, departments, and agencies (MDAs) to promptly engage in the budget defense process, warning that the National Assembly would take decisive action against any MDA that fails to appear for budget defense sessions or causes unnecessary delays.

President Tinubu presented the N47.9 trillion 2025 budget proposal, titled “Budget of Renewed Hope,” aiming to restore macroeconomic stability, enhance the business environment, foster inclusive growth, and promote equitable income distribution and human capital development.

The extension of the 2024 budget cycle is seen as a strategic move to maintain fiscal continuity and ensure the effective implementation of government projects during the transition to the new fiscal year.

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