Fiscal year extension delayed budget reports, says Budget Office

By Abubakar Yunusa

The Director-General of the Budget Office of the Federation, Tanimu Yakubu, has defended the delay in publishing Quarterly Budget Implementation Reports, saying fiscal years are determined by law and not strictly by the January to December calendar cycle.
Yakubu, in a statement issued on Sunday, said the delay followed the repeal and re-enactment of the 2025 Appropriation Act as well as the extension of the budget implementation period to June 2026.
He explained that the extension legally prolonged the lifespan of the 2025 budget beyond the normal 12-month calendar arrangement.
“The fiscal year becomes not merely a chronological concept, but a legislatively sustained expenditure window,” he stated.
The Budget Office boss said many Nigerians misunderstood the difference between a calendar year and a fiscal year, stressing that government expenditure must follow the legal framework approved by the National Assembly.
According to him, whenever lawmakers extend budget implementation periods or approve supplementary appropriations, the fiscal year automatically assumes that extended legal status.
Yakubu noted that Nigeria had, over the years, operated several budget extensions, rollover approvals and supplementary spending arrangements to keep projects running and avoid economic disruptions.
He said such measures became more necessary during difficult economic periods, including after the COVID-19 pandemic, when governments across the world adjusted fiscal timelines to address procurement delays and revenue challenges.
Drawing comparisons with other countries, he said the United States operates a fiscal year from October to September, while India runs its fiscal cycle from April to March.
“These examples demonstrate that fiscal years are policy and legislative constructs designed to accommodate macroeconomic management realities,” he added.
The statement also cited constitutional provisions and court decisions to support the Federal Government’s position that legislative approval remains the foundation for public spending.
Yakubu assured Nigerians that the outstanding Quarterly Budget Implementation Reports were currently being finalised and would be released in phases within the coming weeks.
He added that the Budget Office was strengthening its digital reporting system and inter-agency coordination to improve transparency and timely fiscal reporting.
“The Federal Government remains firmly committed to open budgeting, fiscal discipline, transparency, constitutional compliance, and accountable public financial management,” the statement added.