President Bola Ahmed Tinubu has transmitted the Appropriation, Repeal and Re-enactment Bill No. 2 of 2024 to the Senate, seeking its consideration and passage to amend the 2024 Appropriation Act.
The President’s letter was read at plenary on Wednesday by Senate President, Godswill Akpabio.
In the letter, Tinubu said the bill was presented in line with established constitutional and legislative appropriation procedures. He explained that the proposal seeks authorisation for the issuance of N43.56 trillion from the Consolidated Revenue Fund of the Federation for the fiscal year ending December 31, 2025.
A breakdown of the proposed expenditure shows N1 trillion earmarked for statutory transfers, N8.2 trillion for debt servicing, N11.2 trillion for recurrent non-debt expenditure, and N22.2 trillion for capital expenditure and development fund contributions.
According to the President, the bill is designed to eliminate the practice of running multiple budgets while ensuring improved capital performance rates for both the 2024 and 2025 capital budgets.
Tinubu said the proposal provides a transparent and constitutionally grounded appropriation framework for the orderly consolidation of critical and time-sensitive expenditures undertaken in response to emergency and exceptional circumstances.
He noted that the bill would promote the collective well-being of Nigerians, enhance national security, and strengthen fiscal discipline, accountability, and public financial management.
The President added that the proposal reinforces implementation discipline by ensuring that appropriated funds are released and utilised strictly for the purposes specified in the budget schedules.
He further explained that the bill restricts virement to cases where prior approval of the National Assembly has been obtained, outlines procedures for corrigenda to address genuine errors that could hinder implementation, and mandates the separate recording of excess revenue, with spending permitted only through an Act of the National Assembly or legislative approval.
The bill also mandates strict compliance with due process and requires periodic reporting on fund releases, agency revenues, and financial assistance.
Tinubu urged the Senate to consider and pass the bill expeditiously in the national interest.
In his response, Senate President Akpabio said the request had been referred to the Senate Secretariat for necessary legislative action.
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