Senator Solomon Adeola, Chairman of the Senate Committee on Appropriation, says the introduction of tax reform bills by President Bola Tinubu disrupts the National Assembly’s January-to-December budget cycle.
In Abuja, Adeola explains that legislative attention shifts to reviewing the tax reform bills, causing delays in the 2024 budget process. Despite this, he assures that the 2025 appropriation bill will be ready by January 31, 2025.
Representing Ogun West Senatorial District, Adeola notes that the reform bills require extensive collaboration between the National Assembly and the executive arm of government, which inadvertently impacts the budget cycle.
“The tax reform bills require a lot of time and scrutiny to ensure they are thoroughly reviewed. We are pleased that they have passed the second reading in the Senate and are now under committee review,” he states.
Adeola confirms that the budget review timetable remains on track and reflects lawmakers’ dedication to maintaining fiscal discipline and meeting economic objectives.
“To ensure the process is swift, we recommend joint sittings of Senate and House committees to engage with Ministries, Departments, and Agencies (MDAs), enabling us to complete the review promptly,” he explains.
Adeola responds to concerns about the delays, assuring Nigerians that the legislature remains committed to supporting the administration’s economic and infrastructure goals.
“We are working diligently to ensure the delay does not affect the government’s objectives, particularly in driving economic growth and development,” he says.
He expresses optimism that meeting the January 31 deadline will allow the government to implement its programs effectively and without disruptions.
The January-to-December budget cycle, introduced by the 9th National Assembly, represents a shift toward fiscal discipline. Before this reform, budgets under former Presidents Olusegun Obasanjo, Umaru Musa Yar’Adua, and Goodluck Jonathan lacked a consistent timeline, with presentations occurring sporadically between 2000 and 2015.
In December 2024, the National Assembly extends the 2024 budget lifespan to June 2025 due to delays caused by legislative focus on tax reforms. These reforms have sparked significant debate, driven by opposition from some state governors.
