The House of Representatives has recently approved revised federal budgets for 2024 and 2025, totaling ₦43.56 trillion and ₦48.31 trillion, respectively. This decision followed a thorough review conducted by the House Committee on Appropriations and was overseen by Speaker Tajudeen Abbas during the plenary session.
The revised 2024 budget sees an increase from ₦35.05 trillion to ₦43.56 trillion and allocates funds as follows: ₦1.74 trillion for statutory transfers, ₦8.27 trillion for debt servicing, ₦11.26 trillion for recurrent expenditures, and ₦22.27 trillion dedicated to capital expenditures and development fund contributions. This budget is set to conclude on December 31, 2025.
Conversely, the amended 2025 budget has been reduced from an initial ₦54.99 trillion to ₦48.31 trillion. Its allocation includes ₦3.64 trillion for statutory transfers, ₦14.31 trillion for debt servicing, ₦13.58 trillion for recurrent expenditures, and ₦16.76 trillion for capital expenditures through development fund contributions. Additionally, the House approved President Bola Tinubu’s request to extend the capital budget’s implementation period for 2025 to March 31, 2026, granting more time for ministries and agencies to access necessary funds.
President Tinubu asserted that these revisions were crucial for incorporating previously unrecognized budget items and establishing a more realistic capital implementation target of 30 percent. He emphasized that this budget revision is part of wider fiscal reforms aimed at resolving issues surrounding overlapping budgets and enhancing accountability in public spending. Following the third reading and approval of the budget, lawmakers adjourned until January 27, 2026.
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