President Bola Tinubu has written to the House of Representatives requesting the repeal and re- enactment of the 2024 and 2025 budgets into a single budget.
In the letter read by the Speaker, Abbas Tajudeen, the President requested that the National Assembly authorised the issuance from Consolidated Revenue fund of the Federation to the total of N43.56 trillion comprising N1.74 trillion for Statutory transfers, N8.27 trillion for debt service, N11.26 trillion for Recurrent non debt expenditure and N22.27 trillion for capital expenditure.
Similarly, the President wants a repeal the 2025 Appropriation Act of N54.99 trillion and for both budgets to be consolidated into a single fiscal document.
The President noted that the bills are to cater to all items not previously recognised while also reflecting a revised capital implementation target of 30 per cent .
The adjustment also aligns with current fiscal realities and execution capacities while ensuring that the budget performance remains credible and transparent.
The bill before the House also seeks to extend the lifespan of the 2025 budget from 31st December to March 31st 2026 to allow for full release of the target 30 per cent for all ministries, departments and agencies of government.
