By our Reporter
The Federal Government has clarified concerns over delays in the publication of Quarterly Budget Implementation Reports, stating that fiscal years are determined by law and not strictly tied to the January-to-December calendar cycle.
Director-General of the Budget Office of the Federation, Tanimu Yakubu, made the clarification in a statement issued on Saturday, explaining that the timeline for fiscal operations is governed by legislative authorisation under the Appropriation Act.
According to him, the recent delay in publishing budget implementation reports was largely due to the repeal and re-enactment of the 2025 Appropriation Act in December 2025, as well as the extension of the implementation period of the 2025 budget to June 2026.
Yakubu explained that such extensions legally prolonged the lifespan of the fiscal year beyond the conventional 12-month calendar framework.
“The fiscal year is not necessarily synonymous with the calendar year,” he said.
He noted that fiscal administration in Nigeria has, at different times, operated outside the strict January–December cycle through statutory extensions, supplementary appropriations, continuing resolutions and rollover authorisations.
The Budget Office boss stated that Sections 80 and 81 of the 1999 Constitution do not impose a rigid 12-month fiscal implementation cycle, but rather require that public expenditure be authorised by law through an Appropriation Act or other legislation passed by the National Assembly.
He added that once such legislative approval is granted, expenditure authority remains valid until the expiration date stipulated by law.
Yakubu cited examples from other countries, including the United States and India, where fiscal years differ from the calendar year based on statutory provisions.
He also referenced past global experiences, including the COVID-19 pandemic period, during which several countries extended budget implementation windows to address economic disruptions, procurement delays and project continuity.
According to him, Nigeria had similarly extended implementation periods in the past to avoid abandoning ongoing projects, maintain contractor liquidity and sustain macroeconomic stability.
Yakubu said following the adjustment to the 2025 budget framework, the Budget Office commenced extensive reconciliation processes involving revenue performance reviews, cash management adjustments, expenditure alignment, debt updates and inter-agency fiscal coordination to ensure accuracy and audit consistency in the reports.
He disclosed that the outstanding Quarterly Budget Implementation Reports are currently being finalised and would be released in phases over the coming weeks.
The Budget Office also said it is strengthening its digital reporting systems, data harmonisation architecture and institutional coordination mechanisms to improve fiscal reporting standards.
Yakubu reaffirmed the Federal Government’s commitment to transparency, fiscal discipline, open budgeting and accountable public financial management in line with global best practices.
