The Budget Office of the Federation has clarified that Nigeria’s fiscal year is determined by law and not strictly tied to the January–December calendar year.
The clarification followed public concerns over delays in the release of Quarterly Budget Implementation Reports.
In a statement issued by its Director-General, Tanimu Yakubu, the office explained that a fiscal year is a juridical and legislative creation whose duration is defined by appropriation laws passed by the National Assembly.
Yakubu noted that although the calendar year runs from January to December, fiscal operations may extend beyond that period depending on legislative provisions.
“The fiscal year is not necessarily synonymous with the calendar year,” he said.
He explained that Nigeria’s budget implementation has, at different times, extended beyond the conventional twelve-month cycle through mechanisms such as supplementary appropriations, continuing resolutions, rollover authorisations, and Appropriation (Repeal and Re-enactment) Acts.
According to him, the adjustment in the publication timeline for budget performance reports was largely due to the repeal and re-enactment of the 2025 Appropriation Act, which ended in December 2025, as well as the extension of the 2025 budget implementation period to June 2026.
“These fiscal adjustments effectively extended the operational lifespan of the 2025 Budget beyond the conventional twelve-month framework,” the statement said.
Yakubu added that fiscal years are globally recognised as legislative constructs, citing examples such as the United States, where the fiscal year runs from October to September, and India, where it runs from April to March.
He further explained that Sections 80 and 81 of the 1999 Constitution do not prescribe a rigid twelve-month budget cycle but require that all public expenditure must be backed by valid legislative approval.
“Where the National Assembly lawfully extends, reenacts, or preserves expenditure authority beyond a single calendar year, such authority remains legally valid until its expiration,” he stated.
