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. The decision was made by the Appropriations committees of both the Senate and the House of Representatives in Abuja and aims to address the implementation of the capital component of the 2025 budget, which totals N23.9 trillion of the overall N54.99 trillion budget.
Senator Solomon Adeola, Chairman of the Senate Committee on Appropriations, stated that the capital component of the 2024 budget will continue until 31 December 2025. The implementation of the capital component of the 2025 budget is expected to begin as soon as possible, with the Authority to Incur Expenditure (AIE) to be issued within seven days after the session with the economic team. Accordingly, the joint committee instructed that all circulars issued by the Ministry of Finance to Ministries, Departments, and Agencies (MDAs) be withdrawn pending the issuance of the AIE.
The resolution was adopted during an interactive session with the federal government’s economic team, which included Finance Minister 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. A closed‑door meeting followed, during which the details of budget implementation were discussed.
The Assembly’s decision to withdraw the circulars is a significant step toward ensuring transparent and efficient budget execution. Extending the capital component of the 2024 budget into 2025 and delaying the 2025 budget implementation until the AIE is issued reflect a cautious approach to fiscal management. This move is expected to influence the country’s economic development and planning.
Nigeria’s 2025 budget is a crucial element of its economic strategy, and the National Assembly’s resolution seeks to guarantee effective implementation. With the economy facing various challenges, proper budget execution is essential for fostering growth and development. Stakeholders—including economic experts, businesses, and citizens—will closely monitor the impact of the budget on the nation’s economy.
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