Senator Godswill Akpabio, the President of the Senate, on Wednesday, announced that the current 2024 budget would be extended until June 25, 2025.
He made this disclosure during his opening remarks at the presentation of the 2025 Appropriation Bill by President Bola Tinubu to the joint session of the National Assembly on Wednesday.
Akpabio noted that the performance of the 2024 budget stood at 50 percent for capital expenditure and 48 percent for recurrent expenditure, revealing a significant underperformance of 50 percent in line with the provisions of the Appropriation Act.
President Bola Tinubu had on the same day presented the 2025 budget proposal to a joint session of the National Assembly.
Titled the “Budget of Restoration: Securing Peace, Building Prosperity,” the proposal outlines a total expenditure of N47.96 trillion. Key allocations were made for sectors like education, healthcare, defense, infrastructure, and social investment programs, all aimed at spurring economic development and social welfare.
During the presentation, President Tinubu emphasized the government’s commitment to diversifying the economy and focusing on non-oil sectors such as agriculture, solid minerals, and technology.
He assured lawmakers that the budget would address critical areas such as job creation, economic stability, and poverty reduction. The President’s address marks a pivotal moment as the government moves forward with its plans to strengthen the nation’s economic foundation for 2025.
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