Budget Office defends delay in release of quarterly report

The Budget Office of the Federation says fiscal years are defined by law and not strictly tied to the calendar year, amid public concerns over delays in the publication of Quarterly Budget Implementation Reports.

In a statement issued by its Director-General, Tanimu Yakubu, the office explained that the fiscal year is a “juridical and legislative creation” whose duration is determined by appropriation laws passed by the National Assembly.

“The fiscal year is not necessarily synonymous with the calendar year,” Yakubu said, noting that while the calendar year runs from January to December, fiscal operations may extend beyond that period depending on legislative provisions.

He added that in Nigeria, budget implementation has at various times gone beyond the standard twelve-month cycle through mechanisms such as supplementary appropriations, continuing resolutions, rollover authorisations, and Appropriation (Repeal and Re-enactment) Acts.

According to him, the adjustment in the publication timeline for budget performance reports was largely due to the repeal and re-enactment of the 2025 Appropriation Act, which concluded in December 2025, as well as the extension of the 2025 budget implementation period to June 2026.

“These fiscal adjustments effectively extended the operational lifespan of the 2025 Budget beyond the conventional twelve-month framework,” the statement noted.

Yakubu stressed that fiscal years are widely recognised as legislative constructs in global public finance practice, citing examples such as the United States, where the fiscal year runs from October to September, and India, where it runs from April to March.

He further explained that Sections 80 and 81 of the Nigerian Constitution do not impose a rigid twelve-month budget cycle, but instead require that all public expenditure be backed by valid legislative approval.

“Where the National Assembly lawfully extends, reenacts, or preserves expenditure authority beyond a single calendar year, such authority remains legally valid until its expiration,” he said.