the Federal Government has signaled plans to end the practice of running multiple budgets simultaneously, according to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
Speaking at the Nigerian Economic Summit in Abuja, Edun said the government has agreed with the National Assembly to halt further budget extensions, a move he said will restore fiscal discipline and eliminate confusion in Nigeria’s public finance system.
“No more extensions of the budget into the next year, which has created so much confusion in the system,” Edun declared. “We have talked to NASS and agreed to restore normalcy in that space,” he added.
Currently, about three Appropriation Acts are being implemented concurrently — a situation that has drawn significant public criticism. While Dr. Tanimu Yakubu, Director-General of the Budget Office, defended it as a “transitional budget system,” Edun’s comments suggest a shift toward stricter fiscal order.
The minister also revealed that the government would increasingly rely on Sukuk, Green Bonds, and Diaspora Bonds for borrowing, rather than Eurobonds. He noted improved transparency in federal accounts, disclosing that it took until August 2025 for the government to gain full visibility of its CBN accounts.
Edun added that a federal billing system has been implemented to ensure traceability of payments, while efforts continue to bring all government funds under Central Bank oversight.
On broader reforms, Edun said the exchange rate unification and fuel subsidy removal have freed up about 5% of GDP, boosting federation revenue. As a result, state allocations have risen by over 111%, leaving many states, in his words, “awash with cash.”
