The Chairman of the Senate Committee on Capital Markets and Institutions, Senator Osita Izunaso (APC, Imo West), has raised concerns over the late submission of the 2025 budget proposals, stating that it will disrupt Nigeria’s January-to-December budget cycle.
Speaking after President Bola Tinubu presented the 2025 Appropriation Bill to the joint session of the National Assembly, Senator Izunaso noted that the delay would make it impossible for the 2025 budget to take effect at the start of the new year, a practice that had been restored in recent years.
“The budget is coming late. Today is December 18, so we will lose that culture of beginning a new year with a new budget,” Izunaso remarked.
To address the gap caused by the delay, the senator revealed that the National Assembly would extend the implementation of the 2024 budget into 2025. He explained that the extension would ensure continuity in funding for government projects and operations until the new budget is passed.
“Even after 12 months, we still have the liberty to extend it. In fact, we are extending the 2024 budget today,” Izunaso said.
Executive Blamed for the Delay
The senator criticized the executive arm of government for submitting the 2025 budget proposals late but acknowledged that the delay may have been due to efforts to finalize critical details.
“The executive ought to have brought this budget way before now. But I believe that maybe they are putting things together. They wouldn’t want to delay deliberately bringing the budget to the National Assembly,” he said.
Loss of Budget Discipline
While Izunaso reassured Nigerians that the delay would not significantly affect the budget’s functionality, he lamented the loss of the discipline associated with starting the fiscal year with an approved budget.
“That culture of starting on the 1st of January, we have lost it,” he stated.
The senator’s comments highlight the importance of timely budget submission in maintaining fiscal discipline and ensuring seamless government operations. However, with the extension of the 2024 budget, the government aims to mitigate the immediate effects of the delay.