Budget Office Pledges Timely Release Of 2024 Budget Performance Report

The Budget Office of the Federation has reiterated its commitment to transparency and accountability in public finance, assuring Nigerians and stakeholders that the 2024 Budget Performance Report will be released by the end of September 2025.

In a statement issued in response to recent media reports highlighting the delay in publishing Budget Implementation Reports, BIRs, the Office explained that the delay since the second quarter of 2024 was a result of efforts to ensure the accuracy and reliability of fiscal data amid Nigeria’s transition to an extended fiscal framework.

The Office clarified that BIRs go beyond simple accounting summaries as they involve detailed integration of financial data with physical verification of government-funded projects across the country. These verification missions and reconciliation exercises with various Ministries, Departments, and Agencies, MDAs took longer than anticipated due to the wide geographical spread and scale of the projects involved.

Additionally, the Office pointed to Nigeria’s transition to a new budget framework that extends the fiscal cycle.

It says while this shift was still being formalized, emerging policy directions had already indicated the likelihood of a lengthened budget horizon.

Publishing reports based on the old cycle during this transition, the Office says, could have produced conflicting data sets and misled stakeholders.

To this end it says to maintain the integrity of fiscal reporting, the timelines were temporarily adjusted.

According to the statement, it explains that despite the delay, the Office emphasized that it remains fully committed to fulfilling its statutory responsibility under the Fiscal Responsibility Act, FRA, which mandates the publication of quarterly BIRs.

It assures stakeholders that the delay should not be seen as a setback, but rather as a reflection of the diligence required to produce coherent and credible reports during a complex budgetary transition.

To address the reporting gap and restore predictability, the Office announced that a provisional performance report for the full 2024 fiscal year will be published by the end of September to provide a credible snapshot of government spending and project execution, based on verified funding commitments.

At the same time, consolidated reports for the first and second quarters of 2025 will also be released.

Normal quarterly reporting will resume with the third quarter 2025 BIR, which is expected to be published on schedule in line with FRA requirements.

The Budget Office further revealed that it is strengthening its monitoring systems, enhancing digital integration of projects and expenditure data, and working more closely with implementing agencies to ensure that future reports are released in a timely and transparent manner.

Reaffirming the Federal Government’s broader goals, the statement concluded with a firm commitment to restoring confidence in Nigeria’s fiscal reporting processes. The Office pledged to uphold the principles of accuracy, timeliness, and credibility, maintain a consistent January–December budget cycle, and continuously improve public access to reliable financial information.

PR/Umbwanko Baba