Fiscal Year Determined by Law, Not Calendar, Says Budget Office
The Director-General of the Budget Office of the Federation, Tanimu Yakubu, has defended the delayed publication of recent Quarterly Budget Implementation Reports, insisting that Nigeria’s fiscal year is defined by legislative authority rather than the conventional January-to-December calendar cycle.
In a State House press statement issued on May 17, 2026, Yakubu explained that the timeline for fiscal reporting was affected by the repeal and re-enactment of the 2025 Appropriation Act, as well as the extension of the implementation period of the 2025 budget to June 2026.
According to him, these legal and fiscal adjustments effectively extended the operational lifespan of the 2025 budget beyond the normal twelve-month framework associated with a fiscal year.
“The fiscal year becomes not merely a chronological concept, but a legislatively sustained expenditure window,” Yakubu stated, noting that fiscal systems in several countries also operate outside the regular calendar structure.
He cited examples such as the United States, where the federal fiscal year runs from October 1 to September 30, and India, where the fiscal year spans April 1 to March 31, arguing that fiscal years are shaped by policy and legislative realities rather than fixed calendar dates.
Yakubu said Nigeria’s constitutional provisions under Sections 80 and 81 of the 1999 Constitution empower the National Assembly to authorize public expenditure through appropriation laws and related legislative instruments, including extensions and reenactments.
He added that judicial precedents, including the Supreme Court decision in Attorney-General of Bendel State v. Attorney-General of the Federation, affirm the primacy of legislative authorization over public expenditure.
The Budget Office also linked the delay in the reports to ongoing reconciliations involving revenue reviews, expenditure alignment, debt and financing updates, cash management adjustments, and enhanced coordination among government agencies.
Yakubu assured that the outstanding Quarterly Budget Implementation Reports would be released in phases over the coming weeks.
He further disclosed that the Budget Office was strengthening its digital reporting systems and institutional coordination mechanisms to improve the timeliness, accuracy, and analytical quality of future fiscal reports.
The Federal Government, he said, remains committed to transparency, fiscal discipline, open budgeting, and accountable public financial management in line with international best practices.
