The National Assembly has passed revised appropriations for the 2024 and 2025 fiscal years, approving a N43.5 trillion budget for 2024 and adjusting the 2025 budget framework to N48.3 trillion. As part of the adjustments, the 2025 fiscal year will be extended to March 31, 2026.
The approval followed extended plenary sessions in both the Senate and the House of Representatives, which considered the Appropriation Act (Repeal and Re-enactment) Bills forwarded to the legislature by President Bola Ahmed Tinubu last Friday.
In the Senate, the revised budgets were passed after lawmakers adopted a consolidated report from the Committee on Appropriations, presented by its chairman, Senator Solomon Adeola (Ogun West). Adeola explained that the primary aim of the new legislation is to repeal earlier budget versions and replace them with updated figures that reflect current fiscal challenges, including revenue constraints, debt sustainability concerns, and shifting national priorities.
Lawmakers stated that the realignment is intended to restore discipline to the budget process, address implementation gaps, and better match the country’s financial planning with prevailing economic realities.
The extension of the 2025 fiscal year to March 2026 effectively elongates the implementation period for capital projects and other budgetary allocations, granting the executive additional time to execute its spending plans amid ongoing fiscal pressures.
