The house of representatives has passed a bill seeking to extend the implementation of the 2024 Appropriation Act to June 2025.
The bill passed the third reading at the lower legislative chamber during plenary on Thursday.
Julius Ihonvbere, majority leader of the house, who moved a motion for the consideration of the appropriation bill, said it would allow the full implementation of the capital components of the budget.
During the presentation of N49.7 trillion as the 2025 budget proposal before a joint sitting of the senate and house of representatives on Wednesday, President Bola Tinubu said his administration attained “remarkable milestones in implementing” the 2024 Appropriation Act.
Tinubu said the government achieved N14.55 trillion in revenue, meeting 75 percent of the target as of the third quarter of 2024.
The president said his administration also recorded N21.60 trillion in expenditure, representing 85 percent of the target during the same period.
“While challenges persist, we improved revenue collection and fulfilled key obligations. The transformational effects of this on our economy are gradually being felt,” he said.
In December 2023, the national assembly passed the 2024 appropriation bill, increasing its size from the N27.5 trillion proposed by the president to N28.7 trillion.
In July, the national assembly increased the 2024 budget by N6.2 trillion to N35 trillion from the N28.7 trillion signed into law by Tinubu on January 1.
