The National Assembly of Nigeria has directed the withdrawal of all previously issued circulars concerning contract awards for the 2025 fiscal year. This directive comes as the government prepares to roll out the ₦23.9 trillion capital component of the 2025 budget, which is expected to continue through 2026.
This resolution was reached during a crucial meeting between the joint committee on Appropriations and the President’s economic team at the National Assembly on Thursday.
Key officials present at the meeting included Minister of Finance and Coordinating Minister of the Economy Wale Edun, Minister of Budget and Economic Planning Senator Atiku Bagudu, Director-General of the Budget Office Tanimu Yakubu, and Accountant-General of the Federation Shamsudeen Ogunjimi.
The session focused on reviewing the 2024 budget performance and strategizing the implementation of the ₦54.9 trillion 2025 budget.
House Committee on Appropriations Chairman Abubakar Bichi disclosed that the Ministry of Finance’s directive halting MDAs (Ministries, Departments, and Agencies) from awarding contracts until an Authority to Incur Expenditure (AIE) is issued will be rescinded. This move signals the immediate commencement of the 2025 budget implementation, with AIEs to be issued within seven days.
Additionally, lawmakers agreed to extend the implementation period of the 2024 budget to December 2025. This resolution was jointly adopted by the committee chaired by Senator Adeola Olamilekan.
