The National Assembly is set to extend the 2024 budget cycle, with the 2025 budget expected to be passed by the end of the year. President Bola Tinubu is scheduled to present the N47.9 trillion 2025 budget to a joint session of the National Assembly at 12 pm today.

Senate Committee Chairman Osita Izunaso (APC, Imo West) noted that the late submission of the budget makes it impossible to pass it within the usual timeline. He acknowledged that the January-December budget cycle, introduced in 2020 during former President Muhammadu Buhari’s administration, would be lost this year. However, the budget will still have a lifespan of 12 months.

The 2024 budget was presented by Tinubu on November 29, 2023, and passed on December 30, but lawmakers are now dealing with delays due to the late submission. The Minister of Finance, Wale Edun, and the Group Managing Director of the Nigerian National Petroleum Company Limited, Mele Kyari, are among executives at the National Assembly for the presentation.