ABUJA — President Bola Ahmed Tinubu has formally requested the Senate to approve a ₦43.56 trillion budget re-enactment for the 2025 fiscal year, aimed at consolidating public spending and ending the practice of multiple budgets.
The request was conveyed in a letter read on the floor of the Senate on Wednesday by the Senate President, Godswill Akpabio, who said the Appropriation, Repeal and Re-enactment Bill 2024 has been submitted in line with constitutional appropriation processes.
According to the President, the proposed sum of ₦43,561,041,744,507 is allocated as follows:
· ₦1 trillion for statutory transfers
· ₦8.2 trillion for debt servicing
· ₦11.2 trillion for recurrent (non-debt) expenditure
· ₦22.2 trillion for capital projects and development fund contributions
In his letter, Tinubu explained that the bill is designed to “end the practice of running multiple budgets while ensuring high capital performance rates for both the 2024 and 2025 capital budgets.”
He added that the legislation provides a “transparent and constitutionally grounded appropriation mechanism for the orderly consolidation of critical and time-sensitive expenditures undertaken in response to emergency exigencies.”
The President emphasized that the proposal would promote national well-being, safeguard security, and reinforce fiscal discipline, accountability, and sound public financial management.
Key oversight provisions in the bill include:
· Ensuring appropriated funds are used only for purposes specified in the schedule
· Requiring prior National Assembly approval for any virement (reallocation)
· Mandating separate recording of excess revenue, with spending only permitted through legislative approval
· Enforcing due process compliance and periodic reporting on releases, agency revenues, and assistance disbursements
Tinubu urged the Senate to “consider and pass the bill expeditiously” to ensure fiscal stability and effective budget implementation.
Senate President Akpabio confirmed that the letter had been forwarded to the relevant channels for legislative consideration. “The letter has been referred to the Senate secretariat to do the needful,” he stated.
The bill is now expected to undergo detailed scrutiny in the coming days as lawmakers assess its provisions and implications for Nigeria’s public finances and development agenda..
