Tinubu said the repeal and reenactment of the 2024-2025 appropriation bill will end the practice of running multiple budgets simultaneously
The House of Representatives on Wednesday swiftly passed the second reading of the N43.56 trillion Appropriation Repeal and Reenactment Bill 2024-2025 transmitted to the House by President Bola Tinubu.
Tinubu said the repeal and reenactment of the 2024-2025 appropriation bill marked a pivotal step toward consolidating Nigeria’s fiscal framework and ending the practice of running multiple budgets simultaneously.
The bill scaled through after Deputy Speaker Benjamin Kalu read President Tinubu’s official request letter on the floor.
Parliament Reports notes that 2024 budget, 2024 supplementary budget and the 2025 budget are currently running concurrently.
The National Assembly had approved 2024 budget at N28.7 trillion, up from President Tinubu’s initial proposal of N27.5 trillion. It later passed a 2024 supplementary appropriation of N6.2 trillion, focused on infrastructure, minimum wage implementation, and security. The 2025 budget received approval for N54.99 trillion, nearly double the 2024 figure and higher than the revised proposal of N54.2 trillion.
In a letter read at plenary, the president said the bill was submitted “in accordance with the established constitutional and legislative appropriation process,” urging lawmakers to give it expeditious consideration.
According to the breakdown contained in the bill, the proposed expenditure comprises N1,742,786,788,150 trillion for Statutory Transfers, N8,270,960,606,831 trillion for Debt Service, N11,268,513,380,853 trillion for Recurrent (Non-Debt) Expenditure, and N22,278,780,968,673 trillion for Capital Expenditure and Development Fund contributions, for the year ending 31 December 2025.
Tinubu said the proposed legislation was designed to address structural issues in the budgeting process, noting that it would “bring an end to the practice of running multiple budgets concurrently, while at the same time ensuring reasonable indeed unprecedentedly high capital performance rates on the 2024 and 2025 capital budgets,”
He explained that the bill also provides a transparent and constitutionally grounded framework for consolidating and appropriating critical expenditures already incurred in response to emergencies.
“It further provides, through a transparent and constitutionally grounded appropriation mechanism, for the orderly consolidation and appropriation of critical, time-sensitive expenditures necessarily undertaken in response to emergency exigencies, advancing the collective well-being of Nigerians and safeguarding national security,” the president stated.
Tinubu added that the proposed law reinforces fiscal discipline, accountability and prudent public financial management.
Highlighting key safeguards in the bill, the president said it strengthens implementation discipline by ensuring that funds are released and applied strictly for purposes approved by the National Assembly.
“Appropriated funds are to be released and applied strictly for the purposes specified in the Schedules, while virement may only be effected with prior approval of the National Assembly,” he said.
The bill also sets conditions for corrigenda where genuine errors may hinder implementation, mandates the separate recording of excess revenue, and limits its expenditure to an Act of the National Assembly or legislative approval.
In addition, Tinubu noted that the proposal requires due-process compliance and periodic reporting on fund releases, as well as agency revenues and external assistance.
While expressing confidence in the legislature, the president appealed for swift action on the proposal.
“Whilst it is my hope that the House of Representatives will consider the passage of the Bill expeditiously, please accept, Rt. Honourable Speaker, the assurances of my highest consideration,” Tinubu said.
The bill has been referred to the appropriation committee for further legislative scrutiny.
