President Tinubu requests House approval for ₦43.56tn budget bill to consolidate spending, strengthen fiscal discipline, and fund national priorities
President Bola Tinubu has formally requested the House of Representatives to approve the issuance of ₦43.56 trillion from the Consolidated Revenue Fund of the Federation through the Appropriation (Repeal and Re-enactment) Bill, 2024–2025.
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The legislation is intended to end the practice of running multiple budgets simultaneously and to strengthen fiscal discipline.
The request was conveyed in a letter to the Speaker of the House, Hon. Tajudeen Abbas, and read at plenary by the Deputy Speaker, Benjamin Kalu.
According to the President, the Bill seeks authorisation to release ₦43,561,041,744,507 to cover Statutory Transfers, Debt Service, Recurrent (Non-Debt) Expenditure, and Capital/Development Fund contributions.
“The purpose of the Bill is to stop the practice of running multiple budgets concurrently and to provide a transparent mechanism for the orderly consolidation of budgets,” Tinubu stated.
He emphasised that the re-enactment would also accommodate urgent expenditures already incurred in response to emergencies affecting national security and public welfare.
“The Bill provides for the appropriation of critical, time-sensitive expenditures necessarily undertaken in response to emergency exigencies, advancing the collective well-being of Nigerians and safeguarding national security,” the President added.
The proposed law introduces stricter controls on budget implementation, stipulating that released funds must be applied only for purposes approved by the National Assembly. Virement requires prior legislative approval, while corrigenda are permitted solely under clearly defined conditions.
The Bill also mandates the separate recording of excess revenue, restricts its use to cases sanctioned by an Act of the National Assembly, and requires due-process compliance alongside periodic reporting on fund releases and agency-generated revenues.
“The Bill strengthens implementation discipline and accountability,” Tinubu said, appealing for expedited legislative consideration.
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The House passed the Bill for first and second readings before referring it to the Committee on Appropriation for further review.
