The Budget Office of the Federation (BOF), on Friday promised that it will publish a provisional Budget Performance Report for FY 2024 by the end of September 2025. This is even as the office explained that the extensions of the capital component of the 2024 budget implementation was the reason it has been unable to publish the quarterly Budget Implementation Reports (BIRs) from the second quarter of 2024 to date.
The BOF said the several extensions made timely publication of the reports difficult, as it had to adjust its framework, with expanded scope of projects to be captured.
According to the BOF in a statement, “The delay in publication is due to two key factors: Verification and Reconciliation Processes – BIRs are not merely accounting summaries; they integrate expenditure data with physical verification of projects nationwide.
“These verification missions and reconciliations with implementing agencies took longer than anticipated, given the scale and geographic spread of appropriated projects.”
It said transition to an Extended Fiscal Framework – Even before the extension was formally passed, policy discussions were already pointing toward a lengthened budget horizon.
“Issuing reports on the old cycle, only to have them overtaken by a revised implementation framework, would have created conflicting datasets and misled stakeholders.
“As a result, reporting timelines were temporarily adjusted to preserve coherence and accuracy in fiscal disclosures,” BOF said.
The Office said it remained committed to the transparency and timely disclosure of budget implementation.
Noting, “We reaffirm our commitment to transparency, accountability, and timely disclosure in fiscal reporting.
“The Fiscal Responsibility Act (FRA) requires the Budget Office to publish quarterly BIRs, and we acknowledge this statutory obligation and remain committed to both the letter and the spirit of the law: accuracy, timeliness, and credibility in public finance.
“We therefore urge stakeholders to see the temporary delay not as backsliding, but as a reflection of the care taken to ensure accuracy, coherence, and credibility in Nigeria’s fiscal reporting during an exceptional budget cycle.”
To bridge the gap and restore predictability, the Budget Office said it would publish a provisional Budget Performance Report for FY 2024 by the end of September 2025.
According to the Office, “This interim publication, based on verified funding commitments, will provide a reliable snapshot of fiscal performance while detailed project-level verification continues through 2025.
“Beginning with Q3 2025, all BIRs will be published on schedule in line with FRA requirements.”
For Q1 and Q2 2025, which are already past due, the Budget Office promised to publish consolidated reports alongside the full-year 2024 update, to restore compliance with statutory timelines.
It stated that the Budget Office is enhancing monitoring systems, deepening collaboration with MDAs, and expanding digital integration of expenditure and project data to ensure future reports are both timely and of the highest integrity.
According to BOF, “The Federal Government remains resolutely committed to: upholding Nigeria’s credibility with citizens, markets, and partners by publishing credible, accurate data; restoring timeliness and predictability in fiscal reporting, anchoring the budget process firmly on a January–December cycle; and continuous improvement in fiscal monitoring, transparency, and accountability.”