ABUJA, NIGERIA - In a significant development, Senate President Godswill Akpabio has announced that the implementation of the 2024 budget will be extended to June 25, 2025.
Akpabio made this announcement during a joint session of the Senate and House of Representatives, where President Bola Ahmed Tinubu presented the 2025 Appropriation Bill.
The Senate President commended President Tinubu for his economic reforms, describing him as "fast becoming a national treasure." He also praised the administration's efforts to address the challenges inherited upon assuming office.
Key highlights of the announcement include:
- The implementation of the 2024 budget will be extended to June 25, 2025.
- President Tinubu presented the ₦47.9 trillion 2025 Appropriation Bill to the National Assembly for consideration and passage.
- Akpabio praised President Tinubu's economic reforms, describing him as "fast becoming a national treasure."
- The proposed tax reform bills were highlighted as a "monumental shift in our economic reforms."
President Tinubu emphasized that the 2025 budget aims to consolidate key policies that will restructure the nation's economy and improve the lives of Nigerians. He reassured citizens of the administration's commitment to fostering a better and more functional economy.
The 2024 budget, which was initially passed in December 2023, had a total expenditure of ₦28.7 trillion. It was later increased by ₦6.2 trillion in July 2024, bringing the total to ₦35 trillion.
Akpabio noted that the performance of the 2024 budget stood at 50% for capital expenditure and 48% for recurrent expenditure.
The extension of the 2024 budget implementation and the presentation of the 2025 Appropriation Bill are expected to have significant implications for Nigeria's economy and development.
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