"With the need to make better use of our existing road network, I propose to continue to re-allocate road space to those vehicles which should be given priority," he said.
Peter Robinson is also proposing that other "priority vehicles," including taxis, should be allowed to use the lanes and the introduction of 'quality bus corridors' on all the main arterial routes into the city.
He said he wanted to see fewer private cars on the roads and increased public transport use.
"With the need to make better use of our existing road network, I propose to continue to re-allocate road space to those vehicles which should be given priority," he said.
"We have started with lanes for buses, with cyclists also allowed to use them.
"However, while these bus lanes currently operate only during peak times, I am considering whether some should now be extended to become 12 or even 24-hour operations.
"I am also looking at the need to give similar priority to other vehicles.
"Arrangements are currently underway to allow public hire taxis and those operating under a Roads Service licence to use bus lanes. I shall then consider making similar arrangements for private hire taxis."
Two more so-called quality bus corridors are planned for the Upper Newtownards, Albertbridge and Falls Roads.
The Automobile Association has attacked the plans to extend the bus lane operating times.
SDLP light rail proposal
Meanwhile, the Social Democratic and Labour Party has proposed that a light rail system should be introduced in Belfast and rail services extended to other parts of Northern Ireland.
The policy was launched at a time when Northern Ireland's rail system is under threat, because of historic under-funding.
Launching the party's new regional development policy at Stormont, SDLP leader John Hume and assembly member Joe Byrne called for the modernisation of the province's railways and the introduction of a Belfast Area Rapid Transit system similar to the DART in Dublin.
The party's regional development policy document launched at Stormont also proposes increased investment in bus services and roads including new motorway links between Belfast, Londonderry and Enniskillen and upgrading the road between Belfast and Dublin.
It also proposes carrying out an investigation into how to attract more international flights to Belfast, restructuring Belfast port as a trust port with extended powers, upgrading water and sewage services and promoting an all-Ireland energy market for gas and electricity.
SDLP leader John Hume said the party's document offered a new approach to regional development in Northern Ireland based on "the core principles of sustainability, mobility, equality of access and opportunity".
West Tyrone assemblyman Joe Byrne said funding for their programme for upgrading transport, water services and the province's sewage system could be obtained through a mixture of government and private sector money.