The House of Representatives on Tuesday approved revised budget frameworks for both the 2024 and 2025 fiscal years, clearing a presidential request to extend the implementation of the 2025 capital budget to March 31, 2026.
The lawmakers passed the Appropriation (Repeal and Re-enactment) bills for the two years after adopting reports from the House Committee on Appropriations, following President Bola Tinubu’s transmission of revised budget proposals to the National Assembly last week.
Under the revised 2024 budget, the total expenditure has been increased to ₦43.56 trillion from the original ₦35.05 trillion.
Of this, ₦1.74 trillion is earmarked for statutory transfers, ₦8.27 trillion for debt servicing, ₦11.26 trillion for recurrent (non-debt) expenditure, and ₦22.27 trillion for capital and development projects.
The amended 2025 budget has been reduced to ₦48.31 trillion from the earlier ₦54.99 trillion approved framework.
Its breakdown includes ₦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.
Crucially, the House also approved Tinubu’s request to extend the lifespan of the 2025 capital budget implementation to March 31, 2026, to allow ministries, departments, and agencies (MDAs) more time to access and utilise allocated capital funds.
President Tinubu said the revisions were necessary to accommodate previously unrecognised budget items and to reflect a realistic capital implementation target of 30 per cent in line with prevailing fiscal conditions and execution capacity.
He also described the broader exercise as part of fiscal reforms aimed at ending the longstanding problem of overlapping budgets, strengthening planning, execution, and accountability in public expenditure.
The House worked through clause-by-clause consideration of both bills before passing them for third reading.
Lawmakers adjourned plenary until January 27, 2026, after the session.
