Tax Reform Bills Distracted NASS from Maintaining January-December Budget Cycle – Senator Adeola

Chairman of the Senate Committee on Appropriation, Senator Solomon Adeola Olamilekan, has revealed that efforts to pass critical tax reform bills temporarily distracted the National Assembly from adhering to the January-to-December budget cycle. However, he assured Nigerians that lawmakers are working tirelessly to meet the January 31, 2025 deadline for the passage of the 2025 Appropriation Bill.

Responding to concerns about the loss of the January-December budget cycle, Senator Adeola clarified that the budget review timetable remains unchanged. He emphasized that deliberations are being fast-tracked to meet the proposed deadline.

Adeola acknowledged that legislative attention had shifted due to the tax reform bills, which demanded extensive deliberations and collaboration between the National Assembly and the executive arm.

“Don’t forget that along the line, the tax reform bills took a lot of our time and focus as we worked to ensure they scaled through. We are pleased that the bills have successfully passed second reading in the Senate and are now before the committee for final review,” Adeola stated.

Despite the distraction, he highlighted that lawmakers resumed work in earnest from January 6, 2025, with joint sittings of both the Senate and the House of Representatives planned to accelerate the process.

While acknowledging the challenges posed by the tight timeframe, Adeola expressed optimism that the budget passage deadline is achievable.

“As proposed in the timetable, we recommended a joint sitting of both Senate and House committees to engage with ministries, departments, and agencies (MDAs). This approach ensures that we complete our work swiftly and deliver the budget on time,” he said.

The senator dismissed fears that the government’s fiscal and economic targets might be compromised. He reassured Nigerians that the National Assembly remains committed to supporting President Bola Tinubu’s policy goals.

“We are working around the clock to ensure that the delay does not derail the set aims and objectives of this administration, especially in driving economic growth and infrastructure development,” Adeola stated.

Calling for public support and patience, Adeola stressed that the Senate is committed to retaining credibility and efficiency in managing the nation’s fiscal policies.

“We might have faced a slight setback, but we are determined not to lose focus. The budget passage by January 31 will allow the government to implement its programs effectively and on schedule,” he assured.

The Appropriation Committee’s focus on a joint legislative approach highlights the urgency placed on recovering lost time.

Adeola urged stakeholders and the public to remain optimistic, emphasizing that the process reflects the Senate’s dedication to ensuring economic stability and sustainable growth.