The National Assembly would no longer approve extensions of budget implementation cycles, the Chairman of the Senate Committee on Appropriations, Solomon Olamilekan Adeola, stated this on Monday.
He spoke during the public hearing on the 2026 Appropriation Bill at the National Assembly, which was attended by the Minister of State for Finance, Doris Nkiruka Uzoka-Anite; the Accountant General of the Federation, Shamseldeen Olujimi, economists, fiscal policy experts, and senior government officials.
“Never again will the National Assembly approve budget extensions. We must discipline our budgeting cycle, enforce strict adherence to appropriation timelines, and ensure better coordination between policy design and implementation,” Adeola stated.
The lawmaker, who defended borrowing to finance budget deficits in spite of public opposition, stressed that Nigeria’s development challenges and infrastructure deficit make borrowing inevitable.
He, however, warned that the government must adopt smarter, more sustainable deficit-financing strategies.
“Nigeria cannot help but keep borrowing because revenue inflows are unpredictable and development needs are enormous. What matters is how we borrow and how we fund our deficits,” he said.
Adeola, who noted that debt servicing remains a challenge, said Nigeria must continue to honour its obligations to protect its sovereign credit rating and global economic standing.
