The House of Representatives on Tuesday passed the revised N43.56 trillion budget for 2024, following the consideration and adoption of the report from the House Committee on Appropriations.
The approval came after the Committee of Supply conducted a clause-by-clause review of the budget, which was subsequently passed for third reading at plenary, presided over by Speaker Tajudeen Abbas.
A breakdown of the revised 2024 budget shows N1.74 trillion allocated for statutory transfers, N8.27 trillion for debt servicing, N11.26 trillion for recurrent (non-debt) expenditure, and N22.27 trillion set aside for capital expenditure and development fund contributions, covering the fiscal year ending December 31, 2025.
At the same session, lawmakers also approved the revised N48.31 trillion 2025 budget. Of this, N3.64 trillion is earmarked for statutory transfers, N14.31 trillion for debt service, N13.58 trillion for recurrent expenditure, and N16.76 trillion for capital expenditure through development fund contributions. The revised 2025 budget will 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 N35.05 trillion and re-enacts it with an increased total expenditure of N43.56 trillion, to be drawn from the Consolidated Revenue Fund of the Federation. The second bill repeals the 2025 Appropriation Act of N54.99 trillion and replaces it with a revised spending plan of ₦48.31 trillion.
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President Tinubu explained that the revisions were necessary “to accommodate budgetary items that were not previously captured, while also adjusting capital implementation targets in line with prevailing fiscal realities.”
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He noted that the revised framework reflects “a more realistic capital implementation benchmark of 30 per cent, given Nigeria’s execution capacity and revenue constraints.”
The president further acknowledged that poor implementation of the 2024 capital budget “significantly undermined the delivery of infrastructure and development projects across the country.”
Extending the 2025 budget to March 31, 2026, he said, is intended “to allow Ministries, Departments and Agencies sufficient time to fully access and utilise the targeted 30 per cent capital releases.”
Tinubu emphasised that the approach 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.”
He stressed that eliminating the practice of running several budgets concurrently would improve planning, enhance implementation, and strengthen transparency and accountability in public expenditure.
According to the president, the revised budget framework is designed “to ensure more credible budget performance, better coordination of government programmes, and improved value for money for Nigerians.”
