Tinubu Sends N43 Trillion Budget Repeal and Re-enactment Bill to National Assembly to End Multiple Budgets
President Bola Tinubu has formally transmitted the Appropriation, Repeal, and Re-enactment Bill 2 of 2024 to Nigeria’s National Assembly, aiming to streamline government spending and end the practice of running multiple budgets simultaneously. The letter, read in both chambers by Senate President Godswill Akpabio and House of Representatives Speaker Tajudeen Abass, signals a major reform in the country’s fiscal management process.
According to the bill, the total appropriation of N43.56 trillion will cover statutory transfers (N1 trillion), debt servicing (N8.2 trillion), recurrent non-debt expenditures (N11.2 trillion), and capital expenditure with development funds (N22.2 trillion) for the year ending December 31, 2025. The legislation is positioned as a key step to boost capital performance and ensure more effective budget implementation.
The president highlighted that the bill introduces a transparent and constitutionally grounded framework for managing urgent expenditures, including those related to national security and emergency exigencies. It also emphasizes fiscal accountability, public financial management, and disciplined allocation of funds to advance the collective well-being of Nigerians.
Tinubu stressed that the bill strengthens oversight by requiring the National Assembly’s prior approval for fund transfers and specifying conditions for corrigenda in cases of genuine errors. It mandates separate recording of excess revenue and limits its use to activities approved by the legislature, while ensuring periodic reporting on fund releases and agency revenues.
Following the transmission, Senate President Akpabio referred the bill to the National Assembly secretariat “to do the needful,” marking the next step in legislative scrutiny. Lawmakers are expected to debate the proposals, which aim to consolidate Nigeria’s budgeting system, increase transparency, and enhance the efficiency of government spending in the coming fiscal years.
source: The cable