The Budget Office of the Federation has attributed the delay in releasing the Quarterly Budget Implementation Reports to legal extensions of the 2025 budget cycle, stating that Nigeria’s fiscal year is defined by legislative authority rather than the calendar year.
In a statement issued May 17, Director-General Tanimu Yakubu said the fiscal year is a legal construct determined by the Appropriation Act and related legislation, and can extend beyond the standard January-to-December period.
He cited the Repeal and Re-enactment of the 2025 Appropriation Act in December 2025 and the extension of its implementation to June 2026 as the reason the budget’s operational lifespan was lengthened.
“Where the prevailing Appropriation Act authorizes expenditure beyond the ordinary twelve-month cycle, the operative fiscal year correspondingly assumes that legally extended character,” Yakubu said.
The office noted that this practice aligns with constitutional provisions under Sections 80 and 81, which require public spending to be backed by National Assembly approval rather than a fixed calendar. It also pointed to similar systems in the U.S. and India, where fiscal years run from October to September and April to March respectively.
Yakubu added that the Budget Office is completing reconciliations on revenue, cash management, expenditure alignment, and debt updates before releasing the outstanding reports in phases over the coming weeks.
He said the office is also upgrading its digital reporting and data harmonization systems to improve the speed and accuracy of future fiscal disclosures, in line with international standards.
He said that the Federal Government remains committed to open budgeting, transparency, and constitutional compliance in public financial management.
