House Passes Revised 2024/2025 Budgets

The House of Representatives has passed the revised 2024 and 2025 federal budgets following a request by President Bola Ahmed Tinubu for their repeal and reenactment.

The revised 2024 Appropriation Bill pegs aggregate expenditure at ₦43.56 trillion.

This includes ₦1.74 trillion for statutory transfers, ₦8.27 trillion for debt servicing, ₦11.26 trillion for recurrent (non-debt) expenditure, and ₦22.27 trillion allocated to capital expenditure and development fund contributions for the fiscal year ending December 31, 2025.

Similarly, the revised ₦48.31 trillion 2025 budget provides ₦3.64 trillion for statutory transfers, ₦14.31 trillion for debt servicing, ₦13.58 trillion for recurrent (non-debt) expenditure, and ₦16.76 trillion for capital expenditure through development fund contributions.

The House also approved the extension of the lifespan of both Appropriation Acts to March 31, 2026.

In his letter transmitting the revised budgets to the National Assembly, President Tinubu said the adjustments were necessary to accommodate expenditure items not previously captured and to realign capital spending targets with current fiscal realities.

According to the president, the revised framework adopts a more realistic 30 percent capital implementation benchmark, reflecting Nigeria’s execution capacity and prevailing revenue constraints.

Oduyemi Odumade, Edited By Grace Namiji