The House of Representatives on Tuesday passed the revised budgets of 2024 and 2025 on Tuesday.
The 2024 budget estimate is ₦43.56tn 2024 which was passed after the consideration and adoption of the report of the House Committee on Appropriations.
The approval was sequel to the Committee of Supply concluded clause-by-clause consideration of the budget and its subsequent passage for third reading at plenary, presided over by the Speaker, Tajudeen Abbas.
A breakdown of the ₦43.56tn revised 2024 budget indicates that ₦1.74tn is earmarked for statutory transfers, ₦8.27tn for debt servicing, ₦11.26tn for recurrent (non-debt) expenditure, while ₦22.27tn is allocated to capital expenditure and development fund contributions for the fiscal year ending December 31, 2025.
At the same plenary session, the House also passed the revised ₦48.31tn 2025 budget.
Of this amount, ₦3.64 trillion is set aside for statutory transfers, ₦14.31 trillion for debt service, ₦13.58 trillion for recurrent (non-debt) expenditure, and ₦16.76 trillion for capital expenditure through development fund contributions.
The reviewed 2025 budget is billed to run to March 31, 2026.
The passage was after the transmission of the Appropriation (Repeal and Re-enactment) Bills for 2024 and 2025 by President Bola Tinubu last Friday.
The first executive bill repealed the 2024 Appropriation Act of ₦35.05tn and amended it with an increased total expenditure of ₦43.56tn, to be taken from the Consolidated Revenue Fund of the Federation.
The second bill repealed the 2025 Appropriation Act of ₦54.99tn and replaced it with a reviewed spending plan of ₦48.31tn.
Tinubu said the revisions were as a result of the need to accommodate budgetary items that were not previously captured, adding that the adjustment of the capital implementation targets in line with prevailing fiscal realities.
He said the revised framework reflects a more realistic capital implementation benchmark of 30 per cent, given Nigeria’s execution capacity and revenue constraints.
The president said the decision was a result of the persistent challenge of poor implementation of the capital component of the 2024 budget, which significantly affected the delivery of infrastructure and development projects in the country.
Tinubu said elongating the lifespan of the 2025 budget to March 31, 2026, was meant to allow the Ministries, Departments and Agencies (MDAs) enough time to fully access and utilise the targeted 30 per cent capital releases.
According to the president, the measure is part of a broader fiscal reform agenda aimed at addressing structural weaknesses in Nigeria’s budgeting process, including the problem of multiple overlapping budgets, adding that ending the running several budgets concurrently would improve planning, enhance implementation, and strengthen transparency and accountability in public expenditure.
Tinubu said the revised budget framework is designed to ensure more credible budget performance, better coordination of government programmes and improved value for money for Nigerians.
