The Business NG - December 29, 2025

In this issue

Editorial Focus: States Signal Fiscal Maturity, but Execution Is the Real Test
With less than a week to the start of the 2026 fiscal year, Nigeria’s subnational governments are showing encouraging signs of improved budget discipline. The presentation of appropriation bills by 34 out of 36 states ahead of January reflects a growing appreciation of timely fiscal planning and legislative coordination. More notably, nine states have already secured passage and assent of their budgets, unlocking immediate implementation and reducing the familiar disruptions caused by delayed approvals.
This progress suggests that lessons from past fiscal slippages are being absorbed, especially as states grapple with tighter revenues, debt pressures and rising governance expectations. However, the absence of budget submissions from Borno and Rivers highlights that gaps remain, and delays at this stage could undermine service delivery early in the year.
Beyond timely passage, the real measure of success lies in execution, transparency and value for money. As states move into 2026, citizens and investors alike will be watching not just how quickly budgets are approved, but how effectively they translate into tangible economic and social outcomes.