The House of Representatives has urged President Bola Ahmed Tinubu to hasten the submission of the 2025 budget proposal. It emphasized the importance of timely action in line with the Fiscal Responsibility Act. This call was made during an urgent motion raised by Clement Jimbo, representing Abak Etim Ekpo Ika Federal Constituency in Akwa Ibom State.
Jimbo stressed that delays in submitting the budget could limit the necessary time for thorough review and scrutiny by the National Assembly before the budget is passed. According to the Fiscal Responsibility Act, the proposal should be submitted at least four months before the fiscal year begins to allow for proper planning and implementation.
The House further warned that failing to submit the 2025 budget on time could negatively impact the execution of the nation’s financial plan, potentially hampering economic management and policy implementation. A well-prepared budget helps to outline expected revenues and expenditures for the fiscal year, ensuring proper allocation of resources.
A budget serves as a critical tool for managing the country’s economic goals. It includes both revenue sources, such as taxes and government fees, and expenditures, which cover mandatory spending like pensions and discretionary areas like infrastructure. Proper adherence to the Fiscal Responsibility Act ensures that the budget serves its intended role as a guide for economic stability and growth.
The lawmakers called on President Tinubu to submit the 2025 budget proposal without further delay to avoid disruptions in the country’s financial operations and overall governance.
