They stressed that although planning for the next fiscal year is necessary, Nigerians deserve to know how much of the previous budgets has been released and spent, the projects executed, and the obligations that remain unpaid.
The concerns come as the Budget Office of the Federation moves ahead with preparations for the 2027 to 2029 Medium Term Expenditure Framework and Fiscal Strategy Paper, even as the implementation of the 2025 and 2026 budgets continues.
In July 2026, the Budget Office completed the draft of the 2027 to 2029 fiscal framework. It later issued a circular dated September 4, directing Ministries, Departments and Agencies to submit their proposed personnel costs for 2027 by 4 p.m. on September 18.
The exercise forms part of the groundwork for presenting the 2027 budget to the National Assembly, which is expected to take place in October. However, the continued overlap between budget cycles has renewed questions about the country’s approach to fiscal planning and accountability.
Assessments by the International Monetary Fund and the World Bank have also identified longstanding weaknesses in Nigeria’s budget management. These include delays in passing budgets, overlapping implementation periods, insufficient cash releases, poor reconciliation of outstanding obligations, spending outside approved budgets and limited public disclosure of expenditure records.
Although an Appropriation Act generally covers the financial year for which it is passed, the extension of implementation periods has continued to raise concerns about how public funds are managed and monitored.
The legal position has also attracted attention. The Constitution does not expressly appear to impose an absolute ban on the National Assembly extending, amending, repealing or reenacting an Appropriation Act. The Budget Office has maintained that Sections 80 to 84 of the Constitution support the legality of a legislative extension that remains in force until its revised expiration date.
The bigger question, however, is whether such extensions are being used only to settle legitimate outstanding commitments or are gradually becoming a regular feature of budget implementation, weakening the discipline expected in annual fiscal planning.
Economist and investment banker Adegboyega Adebajo said the government should continue preparing the 2027 budget while putting in place a clear plan for managing the transition between fiscal years and settling outstanding obligations.
He argued that requiring the government to exhaust every appropriation from 2025 and 2026 before beginning preparations for the next budget would make effective annual planning impossible.
According to Adebajo, governments must plan ahead to establish their economic and fiscal priorities, provide for debt servicing, salaries, statutory transfers and other obligations, and ensure that essential public services and development programmes continue without interruption.
He explained that the 2027 budget would also help the government match planned expenditure with expected revenue and financing needs, while providing the legal authority required for spending during the year.
However, Adebajo cautioned that preparing a new budget should not become an excuse for failing to explain how previous appropriations were managed.
He said allowing budget cycles to overlap without a clear record of approved commitments, actual cash releases, expenditure, unpaid obligations and project outcomes would undermine transparency and responsible public financial management.
The economist therefore called on the Federal Government to publish an audited reconciliation of the 2025 and 2026 budgets before submitting the 2027 proposal to the National Assembly.
Such an account, he argued, would give lawmakers and the public a clearer picture of government spending, outstanding liabilities and the progress made in implementing approved projects, while strengthening accountability as the country prepares for another fiscal year.
