… As ₦23.9trn Capital Component Extends to 2026
The National Assembly on Thursday called for the withdrawal of all circulars already issued for contract awards in the 2025 fiscal year, strongly indicating that the ₦23.9 trillion capital component of the ₦54.99 trillion 2025 budget will now extend into the 2026 fiscal year.
The resolution was jointly adopted by the Appropriations Committees of the Senate and the House of Representatives.
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It followed an earlier resolution by the House committee during an interactive session with the federal government’s economic team on Wednesday.
The collective adoption was formalised on Thursday during a joint session with the economic team at the Senate wing of the National Assembly.
Reading out the resolution, Olamilekan Solomon, Chairman of the Senate Committee on Appropriations, Senator Solomon (Ogun West) said, “Capital component of 2024 budget will continue till December 31st, 2025.
“Implementation of capital component of 2025 budget will commence as soon as possible as Authority to Incur Expenditure (AIE) should be issued within seven days after this session with the economic team.”
“Circulars issued by the Ministry of Finance to the MDAs should be withdrawn pending issuance of AIE.”
Those in attendance from the economic team included the Wale Edun, Minister of Finance; Atiku Bagudu, the Minister of Budget and Economic Planning; Shamseldeen Ogunjimi, the Accountant-General of the Federation; Tanimu Yakubu, and the Director-General of the Budget Office.
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After the adoption of the resolution, both sides moved into a closed-door session.
No member of the economic team opposed the decision.
