Imo West Senator Osita Izunaso said the National Assembly has resolved to extend the implementation of the capital component of the 2024 budget until next year.
He said the 2024 budget of N28.7 trillion will be extended today for another three to six months when the lawmakers converge for the plenary after President Bola Tinubu concludes the presentation of the 2025 budget to a joint session of the National Assembly.
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Mr Izunaso said this on Wednesday in an interview with PREMIUM TIMES.
“Whenever we start, it will run from that date to the next 12 months, but even with the 2024 budget, we’re also going to extend it. We’re going to extend it today so that it can run for another three to six months,” he said.
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January-December cycle lost
Mr Izunaso, a member of the ruling APC, said the government under President Tinubu had lost the tradition of the January to December budget cycle because of the late presentation of the 2025 budget.
“So, I’m saying that that is not a problem, just that we have lost that culture. The budget is coming late.
“Today is 18 December. So, we are going to lose that culture of beginning a new year with a new budget. Nevertheless, the budget has a lifespan of 12 months,” he added.
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The senator blamed the presidency for the delay.
“So, but that culture of starting on 1 January, we have lost it because the executive ought to have brought this budget way before now. But I believe they may be putting things together because they wouldn’t want to delay deliberately bringing the budget to the National Assembly. But we have lost that culture,” he said.
The lifespan of the 2024 budget will expire at the end of December.
PREMIUM TIMES reported that based on the appropriation bills passed under the 10th Senate, Nigeria is implementing three budgets in one fiscal year – the 2023 budget, the 2023 supplementary budget and the 2024 Appropriation Act.
The 2023 budget of N21.8 trillion and its supplementary budget of N2.17 trillion were the last two budgets implemented by former President Muhammadu Buhari.
READ ALSO: Tinubu presents 2025 budget to National Assembly (LIVE UPDATES)
When President Tinubu came to power, he requested that the capital components of the two budgets be extended till June to allow the federal government to complete ongoing projects captured in the budgets.
The president further requested an extension till 31 December, also citing the completion of ongoing projects. The 2023 budget and 2023 supplementary budget are under implementation despite the 2024 budget of N28.7 trillion.
This is the first time Nigeria has implemented three budgets in one fiscal year based on the approval of the National Assembly since the return of democracy in 1999.
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