The National Assembly of Nigeria has issued a joint resolution calling for the withdrawal of all circulars related to contract awards for the 2025 fiscal year. This decision was made by the committees on Appropriations of both the Senate and the House of Representatives in Abuja. The resolution aims to address the implementation of the capital component of the 2025 budget, which totals N23.9 trillion out of the entire N54.99 trillion budget.
According to the Chairman of the Senate Committee on Appropriations, Senator Solomon Adeola, the capital component of the 2024 budget will continue until December 31, 2025. The implementation of the capital component of the 2025 budget is expected to commence as soon as possible, with the Authority to Incur Expenditure (AIE) to be issued within seven days after the session with the economic team. The joint committee has instructed that all circulars issued by the Ministry of Finance to Ministries, Departments, and Agencies (MDAs) should be withdrawn pending the issuance of the AIE.
The resolution was made during an interactive session with the economic team of the federal government, which included the Minister of Finance, Wale Edun, Minister of Budget and Economic Planning, Senator Atiku Bagudu, Accountant-General of the Federation, Samsudeen Ogunjimi, and Director-General of the Budget Office of the Federation, Tanimu Yakubu. The session was followed by a closed-door meeting, where the details of the budget implementation were discussed.
The National Assembly’s decision to withdraw the circulars is a significant step in ensuring that the budget implementation is carried out in a transparent and efficient manner. The extension of the capital component of the 2024 budget until 2025 and the delaying of the 2025 budget implementation until the AIE is issued, indicate that the government is taking a cautious approach to managing its finances. The move is expected to have implications for the country’s economic development and planning.
The Nigerian government’s budget for 2025 is a crucial aspect of its economic planning, and the National Assembly’s resolution is aimed at ensuring that the budget is implemented effectively. With the country’s economy facing various challenges, the effective implementation of the budget is essential for driving economic growth and development. The National Assembly’s decision will be closely watched by stakeholders, including economic experts, businesses, and citizens, who are eager to see the impact of the budget on the country’s economy.
