The Federal Government has explained the delayed publication of recent Quarterly Budget Implementation Reports, saying fiscal years are defined by legislative provisions and not strictly by the January-to-December calendar cycle.
In a statement issued on Sunday, the Director-General of the Budget Office of the Federation, Tanimu Yakubu, said the delay followed the repeal and re-enactment of the 2025 Appropriation Act as well as the extension of the implementation period of the 2025 budget to June 2026.
According to him, the adjustments legally extended the lifespan of the 2025 budget beyond the conventional twelve-month calendar framework ordinarily associated with a fiscal year.
“The fiscal year is not necessarily synonymous with the calendar year,” Mr Yakubu said.
He explained that while the calendar year runs from January to December, a fiscal year is determined by laws governing public expenditure and appropriation.
“The fiscal year is a juridical and legislative creation whose duration, commencement, and terminal date are determined by the extant appropriation framework enacted by law,” he stated.
The clarification comes amid public concerns over the delayed release of quarterly budget implementation reports, which are often used to track government spending, revenue performance and execution of capital projects.
Mr Yakubu said Nigeria’s fiscal administration has, at different periods, operated outside the strict January–December cycle through supplementary budgets, rollover authorisations, continuing resolutions and appropriation extensions.
He noted that the extension of the 2025 budget implementation window effectively prolonged the operational validity of the fiscal year.
“In substance and in law, therefore, the fiscal year becomes not merely a chronological concept, but a legislatively sustained expenditure window,” he added.
The Budget Office also cited examples from other countries, including the United States and India, where fiscal years differ from the standard calendar year structure.
According to the statement, Sections 80 and 81 of Nigeria’s Constitution do not impose a rigid twelve-month fiscal cycle but instead require government spending to be backed by legislative approval through appropriation laws.
The Budget Office further argued that the National Assembly retains the authority to lawfully extend or preserve expenditure approvals beyond a single calendar year where necessary.
Mr Yakubu said similar budget extensions were adopted in several countries during periods of economic disruption, including after the COVID-19 pandemic, to prevent project abandonment, address procurement delays and support economic stability.
He added that Nigeria had previously extended capital budget implementation periods to sustain ongoing infrastructure projects and preserve contractor activities.
According to him, following the re-enactment of the 2025 Appropriation Act, the Budget Office began extensive reconciliations involving revenue reviews, expenditure adjustments, debt updates and inter-agency coordination to ensure the reports are accurate and consistent.
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He said the outstanding Quarterly Budget Implementation Reports are currently being finalised and would be released in phases over the coming weeks.
The Budget Office also disclosed that it is strengthening its digital reporting systems and fiscal coordination processes to improve the timeliness and quality of public financial reporting.
“The Federal Government remains firmly committed to the principles of open budgeting, fiscal discipline, transparency, constitutional compliance, and accountable public financial management,” the statement added.
