The National Assembly on Thursday called for the withdrawal of all circulars already issued for contract awards under the 2025 fiscal year, strongly indicating that the ₦23.9 trillion capital component of the proposed ₦54.99 trillion 2025 budget may extend into the 2026 fiscal year.
The Senate and House Appropriations Committees jointly adopted the resolution during a joint interactive session with the federal government’s economic team at the Senate wing of the National Assembly.
This joint decision follows an earlier resolution the House Committee on Appropriations reached on Wednesday, also during an engagement with the economic management team.
Reading the resolution at the joint session, the Chairman of the Senate Committee on Appropriations, Senator Solomon Olamilekan Adeola (APC, Ogun West), said: “The capital component of the 2024 budget will continue until December 31, 2025.
“Implementation of the capital component of the 2025 budget will commence as soon as possible, as Authority to Incur Expenditure (AIE) should be issued within seven days after this session with the economic team.
“All circulars issued by the Ministry of Finance to MDAs should be withdrawn pending the issuance of AIE.”
Members of the federal government’s economic team present at the session included: Minister of Finance, Wale Edun, Minister of Budget and Economic Planning, Senator Atiku Bagudu, Accountant General of the Federation, Samsudeen Ogunjimi, Director-General of the Budget Office, Tanimu Yakubu.
Following the adoption of the resolution, both parties proceeded to a closed-door session. No member of the economic team raised objections to the resolution.
The move underscores growing concern within the legislature over the need to streamline budget implementation timelines and ensure effective execution of capital projects without premature commitments by MDAs (Ministries, Departments, and Agencies).
