President Bola Tinubu has sought the approval of the House of Representatives to repeal and reenact the N43,561,041,744,507 budget for the 2024 fiscal year.
The president made the request on Wednesday in a letter titled: ‘Transmission of the appropriation (Repeal and reenactment bill), 2024-2025’, with Reference No: PRES/134-1/17/HR/ARRENB, dated December 16, 2025 and addressed to the Speaker, Hon. Abbas Tajudeen.
He explained that the proposed bill seeks to authorise the issue from the Consolidated Revenue Fund of the Federation of the total sum of N43,561,041,744,507, comprising N1,742,786,788,150 for Statutory Transfers, N8,270,960,606,831 for Debt Service, N411,268,513,380,853 for Recurrent (Non-Debt) Expenditure, and N22,278,780,968,673 for Capital Expenditure/Development Fund contribution, for the year ending December 31, 2025 (as provided in the Bill).
Tinubu noted: “I hereby transmit to the House of Representatives, the enclosed Appropriation (Repeal and Re-enactment Bill-2), 2024, for the consideration of the National Assembly, in accordance with the established constitutional and legislative appropriation process.”
“This Bill is to 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.”
The president added that the Bill seeks to provide 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) – while reinforcing fiscal discipline, accountability and prudent public financial management.
Tinubu said: “The House of Representatives may wish to note that, the Bill also strengthens implementation discipline and accountability by, among other provisions: requiring that appropriated funds are released and applied strictly for the purposes specified in the Schedules; providing that virement may only be effected with prior approval of the National Assembly; setting out conditions for corrigenda where genuine errors may hinder implementation; requiring separate recording of excess revenue and limiting its expenditure to an Act or approval of the National Assembly; and mandating due-process compliance and periodic reporting on releases and agency revenues/assistance.”
The president, therefore, solicited accelerated consideration and passage of the proposed budget estimate
