Philip Agbese, the deputy spokesperson of the House of Representatives, says the federal government will operate a single budget from March 2026.
The federal government has faced significant challenges in
executing the 2024 and 2025 budgets, resulting in the operation of multiple
appropriations within a single fiscal year.
On Tuesday, the national assembly, at the request of
President Bola Tinubu, repealed and re-enacted the 2024 and 2025 budgets.
The national assembly also extended the implementation
timeline of the 2025 budget through March 2026 to ensure fiscal alignment and
continuity of public expenditure.
Speaking with journalists in Abuja on Friday, Abgbese said
the repeal and re-enactment of both budgets would ensure a coherent and
predictable funding structure.
“Basically, it is to align the nation’s budgeting system
with global and international best practices,” the lawmaker said.
“It is also to ensure transparency and accountability at all
levels, and to lessen the burden of oversight during implementation.
“By adopting a single budget after March 31, 2026, the
executive will be able to execute the budget without much hassle.
“When there is a single funding system, it becomes easier to
manage cash flow and ensure timely releases.
“This is research, a very hard one. Avoiding abandoned
projects, unpaid contractual obligations and running multiple budgets, both
inherited and of fulfilled mandates, is a problem staring the nation in the
face.
“So, we are terminating the habit of running through a
budget on one inflow. By March 31, 2026, all capital liabilities from previous
years will be fully funded and closed. No overlaps, no excuses, and no rollover
cultures.”
Agbese commended Tinubu for promising budget discipline and
economic stability.
“We commend the economic team, especially the budget and
planning ministry, for putting together a budget plan that reflects the
nation’s reality and the economic interests of the various segments of our
society,” he said.
Agbese added that the parliament is committed to reforms
that would strengthen public finance management, improve service delivery, and
restore public confidence in the budgeting process.
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