The Director-General of the Budget Office of the Federation, Dr. Tanimu Yakubu, has clarified why Nigeria is currently operating three separate budgets simultaneously, describing the situation as a reflection of real-world fiscal dynamics, not a deviation from law.
According to Daily Trust, the National Assembly on Tuesday approved the extension of the implementation of the 2024 budget until December 31, 2024. The budget was initially set to lapse by June 30.
Yakubu noted that the country is managing the 2024 Main Appropriation Act, the 2024 Supplementary Budget, and the 2025 Appropriation Act concurrently — a situation that may raise concerns but is not a fiscal anomaly.
“It reflects the real-world overlap between budget law, execution delays, and system-wide reform efforts,” Yakubu explained.
He stated that the 2024 Appropriation Act, signed in January 2024, remains the primary legal framework for federal spending in the current year, especially for capital projects, statutory obligations, and contracts tied to 2024 project codes.
Yakubu’s clarification comes amid heightened scrutiny and public confusion over the implications of running multiple fiscal instruments. However, he affirmed that such overlaps are common in global budget practices, especially in countries undergoing fiscal reform or facing delays in project execution.
The continuation of the 2024 budget is seen as a means to prevent funding gaps, ensure project continuity, and maintain macroeconomic stability amid ongoing reforms.
