On Tuesday, the House of Representatives approved the revised ₦43.56 trillion 2024 budget after reviewing and adopting the report of the House Committee on Appropriations. The approval followed clause-by-clause consideration by the Committee of Supply and the budget’s third reading at plenary, presided over by Speaker Tajudeen Abbas.
A breakdown of the revised 2024 budget shows ₦1.74tn for statutory transfers, ₦8.27tn for debt servicing, ₦11.26tn for recurrent (non-debt) expenditure, and ₦22.27tn for capital expenditure and development fund contributions for the fiscal year ending December 31, 2025.
At the same session, the House also passed the revised ₦48.31tn 2025 budget, with allocations of ₦3.64tn for statutory transfers, ₦14.31tn for debt service, ₦13.58tn for recurrent expenditure, and ₦16.76tn for capital expenditure through development fund contributions. The revised 2025 budget is set to run until March 31, 2026.
The passage followed the transmission of the Appropriation (Repeal and Re-enactment) Bills for 2024 and 2025 by President Bola Tinubu last Friday. The first bill repeals the 2024 Appropriation Act of ₦35.05tn, re-enacting it at ₦43.56tn to accommodate previously unrecorded budget items and adjust capital implementation targets. The second bill replaces the 2025 Appropriation Act of ₦54.99tn with the revised ₦48.31tn spending plan.
Tinubu explained that the revisions reflect a more realistic capital implementation benchmark of 30 per cent, given Nigeria’s revenue constraints and execution capacity. He highlighted the persistent challenge of poor implementation of the 2024 budget’s capital component, which undermined infrastructure and development delivery nationwide.
Extending the 2025 budget to March 31, 2026, he said, will allow Ministries, Departments, and Agencies (MDAs) adequate time to fully access and utilise the targeted capital releases. The president noted that the revised framework aims to improve budget performance, coordination of government programmes, and value for money, while addressing structural weaknesses such as the practice of running multiple overlapping budgets.
The approach, Tinubu added, is part of a broader fiscal reform agenda designed to enhance planning, strengthen accountability, and ensure more credible and transparent public expenditure for Nigerians.