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As President Bola Ahmed Tinubu presents the N47.9tn 2025 budget to a joint session of the National Assembly on Wednesday, the Senator representing Imo West, Osita Izunaso, has stated that the January-December budget cycle is under threat as it is about to be extended.
Senator Izunaso, who serves as Chairman of the Senate Committee on Capital Markets and Institutions, attributed the setback to the delayed submission of the 2025 budget by the Presidency.
Checks revealed that both chambers of the National Assembly passed the Medium Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP) last month.
The lawmaker further disclosed that Parliament would extend the lifespan of the 2024 budget, asserting that the January-December budget cycle was no longer feasible.
He said: “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. In fact, we are extending the 2024 budget today.
“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.
“They wouldn’t want to delay deliberately bringing the budget to the National Assembly. So, I’m saying that this is not a problem, but we have lost that culture.”
Checks further revealed that the 9th National Assembly, under the leadership of the Senator representing Yobe North, introduced the January-December budget cycle during the administration of former President Muhammadu Buhari as a strategy to enhance budget performance.
