December 17, (THEWILL) — President Bola Tinubu on Wednesday transmitted the Appropriation (Repeal and Re-enactment) Bill-2, covering the 2024–2025 fiscal period, to the House of Representatives, seeking legislative approval for a N43.56 trillion budget.
The bill, forwarded in line with constitutional appropriation procedures, authorises the issuance of N43,561,041,744,507 from the Consolidated Revenue Fund of the Federation for the year ending December 31, 2025.
Deputy Speaker of the House, Benjamin Kalu, who read the President’s letter during plenary, disclosed that the proposed spending includes N1.742 trillion for statutory transfers, N8.27 trillion for debt servicing, N8.11 trillion for recurrent (non-debt) expenditure, and N22.28 trillion for capital expenditure and development fund contributions.
President Tinubu said the legislation aims to end the longstanding practice of running multiple budgets concurrently, which has often complicated fiscal planning and delayed capital project execution nationwide.
“The bill is designed to consolidate fiscal operations and ensure unprecedented performance for both the 2024 and 2025 capital budgets, signalling a shift towards more capital-intensive spending,” he said.
He further explained that the proposed law provides a transparent and constitutionally grounded framework for appropriating critical, time-sensitive expenditures related to national security, public welfare, and other emergencies, while safeguarding fiscal discipline.
The President emphasised that the legislation strengthens accountability by mandating that appropriated funds be released and utilised strictly for approved purposes, with any virement or alteration requiring prior National Assembly approval.
Additionally, the bill allows for correction of genuine errors through corrigenda, mandates separate recording of excess revenue, limits its expenditure to parliamentary approval, and requires periodic reporting on fund releases and agency revenues.
President Tinubu urged the House of Representatives to consider and pass the bill promptly in the national interest.
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