Senator Osita Izunaso representing Imo state in the National Assembly has hinted that the 2025 Budget may not be passed by the end of the year.
The senator, the Chairman of the Senate Committee on Capital Markets and Institutions made this revelations today in Abuja, the nation’s capital.
President Bola Ahmed Tinubu is currently at the NASS to present the 2025 Financial estimates before the joint session of the Assembly.
The magazine had earlier reported that the presidency shifted the presentation to Wednesday, December 18 from December 17. 2024 citing the need to make necessary adjustments.
Speaking today, Izunaso said the budget came late to the NASS which makes it impossible for it to be passed before the end of the year.
The Source magazine reports that the president is presenting a budget of N48 trillion before the NASS.
The senator said, “The budget is coming late. Today is December 18, so we will lose that culture of beginning a new year with a new budget. Nevertheless, the budget has a lifespan of 12 months.
“So whenever we pass it, it will have a lifespan of 12 months. Even after 12 months, we still have the liberty to extend it. In fact, we are extending the 2024 budget today.
“But that culture of starting on the 1st of January, we have lost it. The executive ought to have brought this budget way before now. But I believe that maybe they are putting things together.
“They wouldn’t want to delay deliberately bringing the budget to the National Assembly. So I’m saying that that is not a problem, but we have lost that culture.”
Critics of the administration however insist that the development is a clear departure from the NASS tradition to pass the budget before the end of the year.
NASS had in 2020 passed a resolution mandating the Executive to comply with the January to December budget cycle.
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