ABUJA – In a decisive move to stabilise Nigeria’s economy, the National Assembly has approved a significant overhaul of the nation’s finances. During marathon sessions on Tuesday, lawmakers passed a revised N43.5 trillion budget for 2024 and a reworked N48.3 trillion framework for 2025, while formally extending the current fiscal year until 31 March 2026.
The legislative action follows a formal request from President Bola Ahmed Tinubu, aimed at addressing chronic revenue shortfalls, sluggish project execution, and the confusion caused by overlapping budget cycles.
Restructuring the 2024 and 2025 Spending Plans
The Senate’s approval came after the presentation of a consolidated report by the Chairman of the Committee on Appropriations, Senator Solomon Adeola. The Senator explained that the “repeal and re-enactment” of these bills was necessary to align government spending with the nation’s current economic reality.
Here is a rewritten version of the report in British English, restructured for unique publication while maintaining the core facts.
National Assembly Approves Major Budget Reset; 2025 Fiscal Year Extended to March
ABUJA – In a decisive move to stabilise Nigeria’s economy, the National Assembly has approved a significant overhaul of the nation’s finances. During marathon sessions on Tuesday, lawmakers passed a revised N43.5 trillion budget for 2024 and a reworked N48.3 trillion framework for 2025, while formally extending the current fiscal year until 31 March 2026.
The legislative action follows a formal request from President Bola Ahmed Tinubu, aimed at addressing chronic revenue shortfalls, sluggish project execution, and the confusion caused by overlapping budget cycles.
Restructuring the 2024 and 2025 Spending Plans
The Senate’s approval came after the presentation of a consolidated report by the Chairman of the Committee on Appropriations, Senator Solomon Adeola. The Senator explained that the “repeal and re-enactment” of these bills was necessary to align government spending with the nation’s current economic reality.
Key Budgetary Adjustments:
