Reps extend implementation of 2024 budget, begin holiday

Add us on Google

The House of Representatives has extended the capital component of the 2024 budget until June 2025.

Join the Premium Times WhatsApp Community For Quick Access To News and Happenings Around You.

Open in WhatsApp

The extension was approved on Thursday following an amendment to the 2024 Appropriations Act.

The amendment, sponsored by the Majority Leader of the House, Julius Ihonvbere, was introduced during the plenary session.

PREMIUM TIMES had earlier reported that Senate President Godswill Akpabio said the National Assembly would extend the life of the budget to allow for its full implementation.

The amendment proposed by the House leader went through all the legislative processes during Thursday’s plenary.

However, it remains unclear why the House insisted on extending the life of the budget, given that President Bola Tinubu, during the budget presentation, stated that the government had expended ₦21.60 trillion as of the third quarter, representing 85 per cent of planned spending.

Also, the president did not officially request an extension.

Stay Ahead with Premium Times

Add as a preferred source on Google

The Senate had on Wednesday extended the implementation of the 2024 budget till June.

Lawmakers go on holiday

Meanwhile, the House has adjourned for the Christmas and New Year holidays. The lawmakers are not expected to resume until 14 January.

While announcing the holiday, Deputy Speaker Ben Kalu appealed to the House Committee on Appropriations members to forgo their holiday to commence work on the 2025 budget.

This adjournment confirms that the Tinubu administration will not stick to the January-to-December budget cycle, at least for the 2025 fiscal year.

Over the past five years, the National Assembly and the executive had successfully established the January-to-December fiscal cycle by ensuring the annual budget was passed and signed into law before 31 December.

In the past 18 months, however, Mr Tinubu has made his position on the budget cycle clear. First, he extended the 2023 budget to the end of 2024, and he has consistently submitted budgets late.

READ ALSO: Economic Hardship: Reps raise N704m for vulnerable Nigerians, to present money to Tinubu

Last year, the National Assembly was compelled to pass the budget within 30 days to maintain the cycle, as the president submitted the proposal on 29 November 2023.

This time, the president presented the budget less than two weeks before the end of the year, making it practically impossible for the National Assembly to pass it on time.