The National Assembly has extended the 2024 budget cycle till June 2025 citing delays in the presentation of the 2025 budget to the national assembly.
Senate President confirmed this in his welcome remarks at the presentation of the 2025 budget on Wednesday.
This confirms the assertions of the Chairman of the Senate Committee on Capital Markets and Institutions, Senator Osita Izunaso, who explained that the delayed submission of the budget makes it impossible for it to be passed by the end of December 2024 hence the extension.
“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.” He said.
