Senator Godswill Akpabio, the President of the Senate, has announced that the duration of the current 2024 budget will be extended until June 25, 2025.
He made this statement during his opening remarks at the presentation of the 2025 Appropriation Bill by President Bola Tinubu to a joint session of the National Assembly on Wednesday.
Senator Akpabio highlighted that the performance of the 2024 budget showed a 50% achievement in Capital Expenditure and 48% in the Recurrent component, indicating a significant shortfall of 50% in the overall execution of the Appropriation Act.
On the same day, members of both the House of Representatives and the Senate convened as President Bola Tinubu presented his second budget proposal to the joint session.
Accompanying the President were key officials, including the Secretary to the Government of the Federation, George Akume, and the Chief of Staff to the President, Femi Gbajabiamila, along with other senior government representatives.
The presentation, initially set for Tuesday, was rescheduled to Wednesday following a meeting of the Federal Executive Council (FEC) held on Monday at the Presidential Villa in Abuja.
On that day, the FEC also approved the budget estimates for the year 2025.
According to the Minister of Budget and National Planning, Atiku Bagudu, the anticipated expenditure for 2025 is projected at forty-seven trillion nine hundred sixty billion naira, representing a 36.8 percent increase compared to the 2024 estimate.
Bagudu further explained that the 2025 Appropriation Bill is predicated on an oil price benchmark of $75 per barrel, a production target of 2.06 million barrels per day, and an exchange rate of ₦1,400 to a dollar.
