Tinubu seeks Reps’ nod for ₦43.56trn re-enacted budget to end multiple spending cycles

President Bola Tinubu has asked the House of Representatives to approve the release of ₦43.56 trillion from the Consolidated Revenue Fund of the Federation through the Appropriation (Repeal and Re-enactment) Bill, 2024–2025, as part of efforts to halt the practice of operating overlapping budgets and strengthen fiscal discipline.

The request was conveyed in a letter addressed to the Speaker of the House, Rt. Hon. Tajudeen Abbas, and was read during plenary by the Deputy Speaker, Benjamin Kalu, who presided over the session.

According to the President, the Bill seeks authorisation to issue a total of ₦43,561,041,744,507 to cover statutory transfers, debt servicing, recurrent non-debt expenditure, as well as capital expenditure and development fund contributions.

Tinubu explained that the proposed re-enactment is intended to establish a more transparent and structured budgetary system while responding to pressing national priorities.

“The objective of the Bill is to discontinue the practice of running multiple budgets at the same time and to introduce a transparent framework for orderly budget consolidation,” the President stated.

He noted that the legislation would also regularise urgent and time-bound expenditures already incurred in addressing emergency situations with implications for national security and public welfare.

“The Bill makes provision for the appropriation of critical expenditures undertaken in response to emergency exigencies, in the interest of Nigerians’ collective welfare and national security,” Tinubu said, adding that it would also “promote fiscal discipline, accountability and prudent management of public finances.”

The proposed law introduces tighter controls on budget execution and the management of public funds. It requires that all released funds be utilised strictly for purposes approved by the National Assembly.

It further provides that virement can only occur with prior legislative approval, while corrigenda would be allowed only under clearly defined circumstances involving genuine errors capable of disrupting implementation.

In addition, the Bill mandates the separate documentation of excess revenue, restricting its use to instances approved by an Act of the National Assembly, and enforces due-process requirements alongside periodic reporting on fund releases and revenues generated by government agencies.

Describing the proposal as a tool to strengthen budgetary discipline, the President urged lawmakers to give it accelerated consideration.

“I respectfully hope that the House of Representatives will consider the passage of this Bill expeditiously,” the letter concluded.

Following its presentation, the House passed the Bill for first and second readings, after which the Deputy Speaker referred it to the Committee on Appropriation for further legislative scrutiny.