The National Assembly Thursday sought the withdrawal of all circulars already issued for the award of contracts in the 2025 fiscal year.

This, Blueprint.ng reports, strongly indicates that the N23.9 trillion capital component of the entire N54.99 trillion 2025 budget will extend to 2026 fiscal year.

The resolution to this effect was jointly taken by committees on appropriations of both the Senate and the House of Representatives.

The joint resolution was sequel to the earlier one taken by the House Committee on Appropriation Wednesday during interactive session with the economic team of the federal government.

Collective adoption of the resolution came to the fore at a joint session with the economic team Thursday at the Senate wing of the National Assembly.

Reading the resolution at the joint session with the economic team , Chairman Senate Committee on Appropriations Senator Solomon Olamilekan Adeola (Ogun West) said: “Capital Component of 2024 budget will continue till December 31st, 2025. 

“Implementation of Capital component of 2025 budget will commence as soon as possible as Authority to Incur Expenditure (AIE) should be issued within seven days after this session with the economic team .

“Circulars issued by the Ministry of Finance to the MDAs should be withdrawn pending issuance of AIE.” 

 Members of the economic team at the assessment of 2024, 2025 budget implementation session with the joint committee include the Minister of Finance and Coordinating Finance of the Economy Wale Edun, Minister of Budget and Economic Planning Senator Atiku Bagudu, the Accountant General of the Federation , Samsudeen Ogunjimi and the Director – General of the Budget, Tanimu Yakubu .

The two parties later went into closed door session after adoption of the resolution without any contrary opinion from any member of the economic team.