Tinubu seeks passage of N43.56trn reworked budget, to present 2026 appropriation bill Friday
President Bola Tinubu on Wednesday urged the National Assembly to approve a revised N43.56 trillion Appropriation (Repeal and Re-enactment Bill-2) for the 2024–2025 fiscal period, aiming to end the simultaneous implementation of multiple budgets within a single year and enhance fiscal accountability.
The president’s letter, read during plenary sessions in both chambers, explained that the revised framework would consolidate emergency and time-sensitive expenditures, strengthen oversight, and ensure robust capital spending.
The proposed allocation includes N1.74 trillion for statutory transfers, N8.27 trillion for debt service, N11.27 trillion for recurrent spending, and N22.28 trillion for capital projects.
Senate Leader Opeyemi Bamidele described the bill as a structural reform, designed to provide a clear appropriation mechanism while safeguarding legislative oversight.
The bill also limits virement without parliamentary approval, mandates separate recording of excess revenue, and reinforces reporting on released funds, agency revenues, and external assistance.
Following the reading, the Senate passed the bill for Second Reading and referred it to the Committee on Appropriations under Senator Solomon Adeola.
In the House of Representatives, the bill was also referred to the Committee on Appropriations after lawmakers requested copies of the president’s letter for proper consideration.
In a related development, Tinubu will present the 2026 Appropriation Bill to a joint session of the National Assembly on Friday, with strict security and accreditation measures in place.
The initiative reflects the administration’s focus on infrastructure development, fiscal discipline, and transparent management of public funds.
