BREAKING: National Assembly to Extend 2024 Budget Cycle, Details Emerge
- The National Assembly on Wednesday, December 18, announced a new development concerning the 2024 budget cycle
- The Chairman of the Senate Committee on Capital Markets and Institutions, Osita Izunaso, said the 2024 budget cycle will be extended
- Izunaso representing Imo West Senatorial district said the culture of starting the budget on the 1st of January is no longer possible
Legit.ng journalist Adekunle Dada has over 7 years of experience covering metro, government policy, and international events
FCT, Abuja - The National Assembly will on Wednesday, December 18 extend the 2024 budget cycle.
The Chairman of the Senate Committee on Capital Markets and Institutions, Osita Izunaso (APC, Imo West), made this known.
Source: Facebook
Izunaso said the extension is because the executive presented the 2025 budget late.
As reported by The Punch, the 2025 budget that is to be presented today will be passed at the end of the year.
“The budget is coming late. Today is December 18, so we will lose that culture of beginning a new year with a new budget. Nevertheless, the budget has a lifespan of 12 months.
“So whenever we pass it, it will have a lifespan of 12 months. Even after 12 months, we still have the liberty to extend it. We are extending the 2024 budget today."
The federal lawmaker lamented that the culture of the January-December budget cycle is no longer possible.
The budget cycle extension is a departure from the January-December budget cycle which was introduced during the administration of former President Muhammadu Buhari.
“But that culture of starting on the 1st of January, we have lost it. The executive ought to have brought this budget way before now. But I believe that maybe they are putting things together."
2025 Budget: Tight security at National Assembly
Meanwhile, Legit.ng reported that security in and around the National Assembly Complex in Abuja was beefed up ahead of President Tinubu’s presentation of the 2025 Appropriation Bill.
President Tinubu will present the 2025 budget to a joint session of the Senate and House of Representatives today (Wednesday, December 18).
Legit.ng reports that President Tinubu-led federal government proposed an N47.9 trillion budget for 2025.
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Source: Legit.ng
