By President Tinubu has asked the National Assembly to repeal and re-enact the 2024 and 2025 budgets, raising the 2024 budget to ₦43.56 trillion and revising 2025 to ₦48.31 trillion.
In a letter read by Speaker Tajudeen Abbas, President Tinubu sought legislative approval to repeal the ₦35.05 trillion 2024 Appropriation Act and re-enact it at a higher figure of ₦43.56 trillion. The revised 2024 framework includes ₦1.74 trillion for statutory transfers, ₦8.27 trillion for debt service, ₦11.26 trillion for recurrent expenditure, and ₦22.27 trillion for capital projects.
The president also requested the repeal of the ₦54.99 trillion 2025 budget and its re-enactment at ₦48.31 trillion, comprising ₦3.64 trillion for statutory transfers, ₦14.31 trillion for debt service, ₦13.58 trillion for recurrent spending, and ₦16.70 trillion for capital expenditure.
Tinubu said the adjustment would capture previously unrecognised items, align spending with fiscal realities, and allow the extension of the 2025 budget to March 31, 2026 to enable the release of a 30 per cent capital allocation across MDAs.
The bills were referred to the House Committee on Appropriations, with further consideration expected next week.
