Adeola: Tax Reform Bills Altered N’Assembly’s Budget Cycle, January Deadline Still in Sight
The Chairman of the Senate Committee on Appropriation, Senator Solomon Adeola, has disclosed that President Bola Tinubu’s tax reform bills disrupted the National Assembly’s tradition of adhering to a January-to-December budget cycle.
Speaking to journalists in Abuja on Tuesday, Adeola, who represents Ogun West Senatorial District, explained that the landmark tax reform bills consumed significant legislative attention, delaying the 2025 Appropriation Bill process. However, he assured Nigerians that federal lawmakers are working diligently to meet the January 31, 2025, deadline for budget passage.
Challenges and Progress
Adeola revealed that while the reforms distracted lawmakers last year, efforts to fast-track deliberations resumed on January 6, 2025. A joint sitting of Senate and House of Representatives committees has been proposed to engage with ministries, departments, and agencies (MDAs) efficiently.
“We are pleased that the tax bills have passed the second reading in the Senate and are now before the committee for final review. This allows us to focus on the budget process without further delay,” Adeola stated.
The senator acknowledged the tight timeframe but expressed confidence in achieving the deadline. “This joint legislative approach ensures we complete our work swiftly and deliver the budget on time,” he said.
Fiscal Stability Assured
Dispelling concerns over potential setbacks to fiscal targets, Adeola reaffirmed the National Assembly’s commitment to supporting President Tinubu’s economic and infrastructure development goals.
“We are working around the clock to ensure that the delay does not derail the administration’s objectives. Passing the budget by January 31 will allow for effective programme implementation and maintain economic stability,” he said.
He urged the public to remain patient, emphasizing that the Senate remains committed to credibility and efficiency in managing fiscal policies.
Collaborative Efforts for Success
Adeola stressed that legislative focus had shifted entirely to the tax reform bills in recent months due to the extensive deliberations and collaboration required with the executive arm.
“Along the line, the tax reform bills took much of our time and attention as we worked to ensure they scaled through,” he explained.
Despite the challenges, Adeola expressed optimism about the legislative timetable, underscoring the urgency placed on recovering lost time. “We are determined to meet the deadline and ensure the budget aligns with the nation’s economic priorities,” he concluded.
The senator’s remarks reflect the National Assembly’s resolve to uphold fiscal discipline and support Nigeria’s development agenda.
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