Acting President Yemi Osinbajo will no longer sign the 2017 budget by 9am on Thursday.
A source said that the budget was due to be signed on Thursday and that the presiding officers of the national assembly had been invited to witness the exercise.
But the presidency made a last-minute cancellation of the exercise.
It was learnt earlier on Wednesday that a team from the presidency had met with the leadership of the legislature where it was disclosed that the budget would be signed the next day.
A source at the meeting said signning of the budget was the main issue that the presidential team discussed with the lawmakers.
But later in the evening, the leadership of the national assembly was informed that the exercise would no longer go on as planned.
A few days ago, there was a controversy over whether Osinbajo would sign the budget or not. But his aide, Laolu Akande, said he would do so when he is satisfied with it.
The national assembly passed the budget on May 11, and it was transmitted to the presidency on May 18.
In between then the Minister of Information,Lai Mohammed and Presidential aide Ita Enang were quoted to have said,Osinbajo will not sign the budget ,this they later denied.