By Daniel Oluwatobiloba Popoola
The Director-General of the Budget Office of the Federation, Tanimu Yakubu, has clarified that Nigeria’s fiscal year is determined by law rather than the calendar, defending the timeline for the publication of recent Quarterly Budget Implementation Reports.
Yakubu made the clarification in a State House press statement issued on Sunday,17 May, 2026 in response to public concerns over delays in releasing the reports.
He explained that the adjustment in the publication schedule followed recent legislative actions affecting the 2025 Appropriation Act and its implementation timeline.
Providing context, Yakubu said the fiscal year should not be confused with the calendar year, describing the latter as “a fixed chronological construct of twelve months running from January to December,” while the former is “a juridical and legislative creation” shaped by appropriation laws.
He noted that where legislation permits expenditure beyond a standard twelve-month cycle, the fiscal year assumes that extended legal character.
He further explained that Nigeria’s fiscal administration has, at different times, deviated from the January–December cycle through statutory mechanisms such as supplementary appropriations, continuing resolutions, rollover authorisations and Appropriation (Repeal and Re-enactment) Acts.
According to him, the current situation stems largely from the repeal and re-enactment of the 2025 Appropriation Act concluded in December 2025, alongside the extension of the budget’s implementation period to June 2026. These adjustments, he said, “effectively extended the operational lifespan of the 2025 Budget beyond the conventional twelve-calendar-month framework.”
Yakubu emphasised that, in both substance and law, the fiscal year represents a legislatively sustained expenditure window rather than a strictly chronological period.
He pointed to international examples, noting that the United States operates a fiscal year from October 1 to September 30, while India’s runs from April 1 to March 31, underscoring that fiscal timelines are policy-driven and legally defined.
He also cited provisions of the 1999 Constitution (as amended), particularly Sections 80 and 81, which he said do not impose a rigid twelve-month fiscal cycle but instead require that public expenditure be authorised by law.
Consequently, he noted, any extension or re-enactment approved by the National Assembly remains valid until its legal expiration.
Reinforcing the legal basis, Yakubu referenced judicial precedents, including Attorney-General of Bendel State v. Attorney-General of the Federation, where the Supreme Court affirmed legislative control over public funds, and Attorney-General v. De Keyser’s Royal Hotel Ltd, which established that executive spending powers are subordinate to statutory provisions.
He added that fiscal extensions are not unusual, recalling that during periods of economic disruption such as the COVID-19 pandemic, several countries extended budget implementation timelines to manage procurement delays, revenue shocks and project continuity. Nigeria, he noted, has similarly extended capital expenditure implementation in the past to prevent project abandonment, sustain employment and maintain macroeconomic stability.
On the delayed reports, Yakubu disclosed that the Budget Office had commenced detailed reconciliations following the legislative changes, covering revenue performance, cash management adjustments, expenditure alignment, debt and financing updates, as well as inter-agency coordination to ensure accuracy and audit consistency.
He assured that the outstanding Quarterly Budget Implementation Reports are being finalised and will be released in phases over the coming weeks, adding that efforts are underway to strengthen digital reporting systems, data harmonisation and institutional coordination to improve timeliness and analytical depth.
Yakubu reaffirmed the Federal Government’s commitment to open budgeting, fiscal discipline, transparency, constitutional compliance and accountable public financial management in line with global best practices.
