In To address issues such as revenue shortages, poor investment implementation, and overlapping budget cycles, the Parliament National Assembly on Tuesday passed the revised budget framework Appropriation Act of 43.5 trillion Naira for 2024 and the revised budget framework March of 48.3 trillion Naira for 2025, and extended the 2025 fiscal year to
The February 31, 2026. Appropriation Act Prior to this, the two houses held a marathon plenary session and finally passed the Repeal (Re and Bills implementation bills) President Bola Ahmed Tinubu for the 2024 and 2025 fiscal years, and submitted them to the Parliament on Friday.
At The revised budget was passed after Senate passed the comprehensive report on Committee submitted by its President Appropriations. Senator Solomon Adeola According to lawmakers, this move aims to adapt Ogun West’s budget structure to the current budget reality and bridge implementation gaps, as well as restore discipline to the budget preparation process.
The The report Nigeria explains that the main objective of the draft legislation is to repeal previous budget provisions and replace them with revised figures that reflect current revenue constraints, debt sustainability issues, and emerging national priorities.
Presenting According to the report, the 2024 budget Adeola was repealed from its initial 35.005 trillion Naira and a new budget with total expenditures of 43.561 trillion Naira was adopted. The committee’s report includes full details of statutory transfers, debt servicing, recurrent expenditures, and capital expenditures.
According For fiscal year 2025 Appropriation Act, the report discloses that the previous 54.99 trillion Naira
On budget was repealed and replaced with a revised total expenditure of 48.316 trillion Naira, noting that some capital expenditures were deferred to fiscal year 2026 due to funding constraints emphasized by the president in the budget report. Adeola The report also reveals that the decision to repeal the previous budget has been made and a new budget should be passed, particularly addressing issues related to revenue growth, debt, and effective implementation. Appropriation Act Key adjustments:
He An additional 8.5 trillion Naira has been allocated from the capital appropriations in the 2024 budget to fund special measures to address the country’s security, humanitarian, and economic emergencies.
Highlighting Furthermore, the revised framework aims to balance responsiveness and fiscal responsibility, and to ensure that debt-related spending does not undermine parliamentary oversight or fiscal prudence. Adeola The Committee notes that 6.674 trillion Naira has been drawn from the capital appropriations in the 2025 budget and carried over to fiscal year 2026 to improve budget efficiency in response to anticipated revenue growth.
He The Committee also cautions against continuing to run multiple budget cycles simultaneously, emphasizing that extending the term of a budget while another budget has already taken effect undermines fiscal discipline, transparency, and accountability.
For Based on these findings, the Committee recommends that
Adeola approve the repeal and re-adoption of the 2024 Budget
Based, authorizing expenditures of 43.5 trillion Naira from Senate, and the revised 48.3 trillion Naira budget framework for FY2025, and extending the implementation period of the 2025 Budget to 31 2026 Appropriation Act. This adoption was made after a detailed review of the budget estimates of Consolidated Revenue Fund and their approval at a plenary meeting chaired by March.
The The revised 2024 Budget details show statutory transfer payments of 1.74 trillion Nigerian Naira, debt service payments of 8.27 trillion Nigerian Naira, recurrent (non-debt-related) expenditures of 11.26 trillion Nigerian Naira, and investment expenditures and development fund contributions of 22.27 trillion Nigerian Naira (for the fiscal year ending 31 2025). Committee The revised 2025 budget allocates 3.64 trillion Nigerian Naira for statutory transfers, 14.31 trillion Nigerian Naira for debt service, 13.58 trillion Nigerian Naira for recurrent (non-debt-related) expenditures, and 16.76 trillion Nigerian Naira for investment expenditures from contributions to the Development Fund. Supply According to version Speaker, the 2025 budget is intended to be in effect until 31 2026. Rt In his communication with Hon, he stated that revisions were necessary due to the need for them. Previously omitted budget items were taken into consideration. Capital implementation targets were adjusted based on Tajudeen Abbas’s execution capacity and actual fiscal revenue.
stated that the revised framework reflects a more realistic 30% capital implementation target. December The President acknowledged that the execution of the capital component of the 2024 budget still had many shortcomings, noting that these challenges severely hampered the delivery of infrastructure and development projects across the country.
For He believes that extending the 2025 budget to 31 2026
Like, 2026 Senate, 2027 March, and 2028
President Tinubu will provide ample time to access and utilize the 30% target capital allocation. National Assembly He states that this approach is part of a broader fiscal reform agenda aimed at addressing structural deficiencies in the budgeting process, including long-standing budget overlap. Nigeria He emphasizes that ending the practice of running multiple budgets simultaneously will improve planning, streamline implementation, and enhance transparency and accountability in public spending.
He The President adds that the revised budget framework is designed to ensure a more reliable fiscal position and better coordination of government work. The process is more streamlined and cost-effective.
The
