Senator Solomon Adeola, Chairman of the Senate Committee on Appropriation, has attributed the disruption of the National Assembly’s January-to-December budget cycle to the introduction of tax reform bills by President Bola Tinubu’s administration.
Speaking in Abuja on Tuesday, Adeola explained that the legislative focus on the tax reforms delayed the 2024 budget process. However, he reassured Nigerians that the 2025 appropriation bill would be passed by the January 31, 2025, deadline.
Tax Reforms Took Priority
Adeola, representing Ogun West Senatorial District, stated that the tax reform bills required extensive deliberations between the executive and legislative arms of government. This collaboration, though necessary, inadvertently shifted attention from the budget cycle established by the 9th National Assembly.
“Along the line, the tax reform bills took a lot of our time and focus as we worked to ensure they scaled through. We are pleased that the bills have successfully passed second reading in the Senate and are now before the committee for final review,” he said.
Maintaining Fiscal Discipline
Despite the delays, Adeola highlighted that the budget review timetable remains intact, reflecting lawmakers’ commitment to fiscal discipline and economic stability. He confirmed plans for joint committee sessions with Ministries, Departments, and Agencies (MDAs) to expedite the process.
“We recommended a joint sitting of both Senate and House committees to engage with MDAs. This approach ensures that we complete our work swiftly and deliver the budget on time,” Adeola added.
Reassurance Amid Concerns
In response to concerns about the impact of the delay on Nigeria’s economic objectives, Adeola assured the public that the legislature is dedicated to advancing President Tinubu’s policy agenda.
“We are working around the clock to ensure that the delay does not derail the set aims and objectives of this administration, especially in driving economic growth and infrastructure development,” he said.
Adeola expressed optimism that the timely passage of the 2025 budget would allow for the smooth implementation of government programs, ensuring continuity in governance.
Legacy of the January-December Cycle
The January-to-December budget implementation cycle was institutionalized by the 9th National Assembly as a hallmark of fiscal discipline. Before this reform, budget presentations under former Presidents Olusegun Obasanjo, Umaru Musa Yar’Adua, and Goodluck Jonathan lacked a fixed timeframe, leading to inconsistent governance between 2000 and 2015.
However, delays caused by the focus on President Tinubu’s tax reforms led the National Assembly to extend the lifespan of the 2024 budget until June 2025. The decision, announced on December 18, 2024, was seen as a necessary adjustment to accommodate critical reforms.
Heated Debates Over Tax Bills
The tax reform bills themselves sparked intense debates, with opposition from several influential governors. Despite these challenges, Adeola emphasized the legislature’s commitment to ensuring the reforms are implemented for the country’s economic benefit.
