In a significant move to address revenue shortfalls and streamline budget execution, the National Assembly has approved a revised budget framework extending the 2025 fiscal year to March 31, 2026. This decision follows the passage of a revised N43.5 trillion 2024 Appropriation Act and a reworked N48.3 trillion budget for 2025, aimed at aligning Nigeria’s budgetary processes with current fiscal realities.
Senate President Godswill Akpabio and House Speaker Tajudeen Abbas presided over sessions leading to this approval, which was motivated by the need to resolve issues such as overlapping budget cycles and ineffective capital project implementation. Senate Committee on Appropriations chairman, Senator Solomon Adeola, presented a consolidated report detailing the revisions that reflect the government’s response to revenue constraints and emerging national priorities.
Key adjustments indicated that the 2024 budget would see an increase to N43.561 trillion, while the 2025 budget would now total N48.316 trillion, with some capital expenditures deferred to enhance effectiveness. Adeola emphasized that these changes were informed by extensive discussions with the economic management team.
The revisions, backed by President Tinubu, aim to strengthen Nigeria’s budgeting process by ensuring greater transparency and accountability in public expenditure.
