Solomon Adeola (4th from right) at a joint session of the senate and house of representatives committees on appropriations
Solomon Adeola, chairman of the senate committee on appropriations, says the capital component of the 2024 budget will run until December 31, 2025.
He added that new contracts under the 2025 fiscal year will be put on hold.
Adeola said the decision formed part of a resolution by the national assembly directing the withdrawal of all circulars already issued for contract awards in the 2025 fiscal year.
He spoke on Thursday at a joint session of the senate and house of representatives committees on appropriations with the federal government’s economic team.
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The lawmaker added that the N23.9 trillion capital component of the N54.99 trillion 2025 budget will be extended to the 2026 fiscal year.
“Implementation of capital component of the 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,” Adeola said.
“Circulars issued by the ministry of finance to the ministries, departments and agencies (MDAs) should be withdrawn pending issuance of AIE.”
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Present at the session were Wale Edun, minister of finance; Atiku Bagudu, minister of budget and economic planning; Samsudeen Ogunjimi, accountant-general of the federation; and Tanimu Yakubu, director-general of the budget office.
Lawmakers and members of the economic team later went into a closed-door meeting after adopting the resolution.
