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By Tracy Moses
The House of Representatives on Tuesday approved the revised 2024 budget of ₦43.56 trillion, following the adoption of the report of its Committee on Appropriations at the Committee of Supply and the subsequent passage of the bill at third reading during plenary.
A breakdown of the revised 2024 Appropriation shows that ₦1.74 trillion was allocated for statutory transfers, ₦8.27 trillion earmarked for debt servicing, while ₦11.26 trillion was approved for recurrent expenditure excluding debt.
Capital expenditure and development fund contributions account for ₦22.27 trillion for the fiscal year ending December 31, 2025.
At the same sitting, lawmakers also passed the revised 2025 budget totalling ₦48.31 trillion. Of this amount, ₦3.64 trillion is designated for statutory transfers, while ₦14.31 trillion is allocated for debt servicing.
Further details indicate that ₦13.58 trillion is set aside for recurrent non-debt expenditure, with ₦16.76 trillion approved as development fund contributions for capital projects for the financial year ending March 31, 2026.
President Bola Ahmed Tinubu had on Friday transmitted the 2024 and 2025 Appropriation (Repeal and Re-enactment) Bills to the House of Representatives for legislative consideration and approval.
In the first bill, the President requested the repeal of the 2024 Appropriation Act of ₦35.05 trillion and its re-enactment to authorise the withdrawal of ₦43.56 trillion from the Consolidated Revenue Fund of the Federation.
Similarly, the second bill seeks to repeal the 2025 Appropriation Act of ₦54.99 trillion and re-enact it to permit the issuance of ₦48.31 trillion from the Consolidated Revenue Fund.
President Tinubu explained that the revised proposals were necessitated by the need to accommodate expenditure items not captured in the earlier budgets, as well as to reflect a revised capital implementation benchmark of 30 per cent.
He noted that the adjustments were in line with prevailing fiscal conditions and the government’s implementation capacity, while ensuring credibility and transparency in budget performance.
The President further disclosed that the revised framework extends the 2025 budget cycle to March 31, 2026, to enable the full release and utilisation of the targeted 30 per cent capital allocation by Ministries, Departments and Agencies (MDAs).
According to him, the initiative forms part of broader fiscal reforms aimed at eliminating the practice of running overlapping budgets, thereby enhancing planning efficiency, execution discipline, and accountability in public expenditure.