FG explains delay in releasing 2024 budget report

The federal government has disclosed that the full-year 2024 Budget Performance Report will be published by the end of September, 2025. This would be done alongside consolidated reports for the first and second quarters of 2025. The Budget Office of the Federation (BoF), in a statement issued over the weekend in Abuja by the Director […]

The federal government has disclosed that the full-year 2024 Budget Performance Report will be published by the end of September, 2025.

This would be done alongside consolidated reports for the first and second quarters of 2025.

The Budget Office of the Federation (BoF), in a statement issued over the weekend in Abuja by the Director General, Tanimu Yakubu explained that the delay in releasing the Budget Implementation Reports (BIRs) was linked to two key factors: verification and reconciliation processes, and the transition to an extended fiscal framework.

According to the BoF, the verification and reconciliation exercise took longer than anticipated because of the scope and nationwide spread of appropriated projects.

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It noted that the reports are not simple accounting summaries but combine expenditure data with physical verification of projects across the country, which necessitated extensive field missions and reconciliations with implementing agencies.

The second factor, the statement noted, was the transition to an extended fiscal framework.

The Budget Office explained that issuing reports under the old budget cycle, while policy discussions were already pointing toward a lengthened horizon, would have created inconsistencies and misled stakeholders.

The statement noted that adjusting the reporting timelines was necessary to preserve coherence and accuracy in fiscal disclosures.

To bridge the reporting gap, the Budget Office said a provisional Budget Performance Report for 2024 will be published by September 2025.

The interim report, based on verified funding commitments, will provide a reliable overview of fiscal performance, while detailed project-level verification continues throughout the year.

It added that from the third quarter of 2025, all budget reports will be published on schedule in line with the Fiscal Responsibility Act (FRA). For the first half of 2025, which is already overdue, consolidated reports will be released together with the full-year 2024 update to restore compliance with statutory requirements.