Senate, Reps extend 2024 budget implementation to December 2025

The Senate has approved a fresh extension of the capital component of the 2024 national budget, moving the implementation deadline from June 30 to December 31, 2025.

The decision was made during Tuesday’s plenary, following the presentation and accelerated passage of an amendment bill sponsored by the Chairman of the Senate Committee on Appropriation, Senator Olamilekan Adeola (APC, Ogun West).

The bill was read for the first, second, and third times on the same day and received overwhelming support from senators. It was also reviewed by the Senate Committee on Supply.

This marks the second extension of the 2024 budget’s capital expenditure timeline. The first extension was granted in December 2024 after a request by President Bola Ahmed Tinubu, who urged the National Assembly to allow more time to complete key capital projects and maximize allocated funds.

Senator Adeola, while leading the debate, emphasized that the latest extension is necessary to ensure ongoing projects across the country are completed and not abandoned due to funding lapses.

He urged lawmakers to support the move for national development and continuity.

On the same day, the House of Representatives also passed a similar bill for second reading.

The bill, titled “A Bill for an Act to Amend the 2024 Appropriation Act to Further Extend the Capital Components of the Act from 30th June 2025 to 31st December 2025 and for Related Matters (HB.2404)”, was presented by Deputy Majority Leader Ibrahim Abdullahi Halims.

House Speaker Abbas Tajudeen backed the proposal, citing slow implementation of the 2024 budget as justification for the extension. The bill was referred to the Committee on Supply for further legislative action.