The National Assembly has approved a six-month extension for the implementation of the 2024 Budget, Senate President Godswill Akpabio announced on Wednesday during the presentation of the 2025 Budget by President Bola Tinubu.
“We shall continue on the path of nationalism and dedicated service to our country,” Akpabio said, addressing a joint session of the Senate and the House of Representatives.
Akpabio highlighted that the 2024 Budget has made notable progress, achieving a 50% performance rate in capital expenditure and 48% in recurrent expenditure.
“Your Excellency, we acknowledge the remarkable performance of the 2024 Budget,” Akpabio stated. “Given this significant achievement, we have decided to extend the life of the 2024 Budget until June 30th, 2025.”
He further added, “The necessary legislation for this extension will soon be presented to you for your assent, as a demonstration of our appreciation for the outstanding performance of the budget and our commitment to sustaining the progress made.”
President Tinubu’s proposed 2025 Budget of N47.9 trillion is approximately N20 trillion higher than the 2024 budget. In December 2023, Tinubu presented the 2024 budget proposal of N27.5 trillion, his first before the National Assembly. Later that month, the Senate increased the bill by N1.2 trillion, bringing the total to N28.7 trillion for the 2024 Budget.
