President Bola Tinubu has transmitted the Appropriation, Repeal and Re-enactment Bill 2 of 2024 to the Senate for consideration and passage.
In the letter, read by the President of the Senate, Senator Godswill Akpabio on Wednesday at the Plenary, President Tinubu said; “the bill was submitted in line with established constitutional and legislative appropriation processes.”
President Tinubu explained that “the proposal seeks authorisation for the issuance of N43,561,041,744,507 from the Consolidated Revenue Fund of the Federation for the year ending December 31, 2025.”
According to the President, the sum comprises N1 trillion for statutory transfers, N8.2 trillion for debt service, N11.2 trillion for recurrent non-debt expenditure, and N22.2 trillion for capital expenditure and development fund contribution.
President Tinubu said; “the bill was designed to end the practice of running multiple budgets while ensuring high capital performance rates for both the 2024 and 2025 capital budgets.”
He noted that the proposal provides a transparent and constitutionally grounded appropriation mechanism for the orderly consolidation of critical and time-sensitive expenditures undertaken in response to emergency exigencies.
The President said the bill would advance the collective well-being of Nigerians, safeguard national security, and reinforce fiscal discipline, accountability, and broader public financial management.
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He further said that “the proposal strengthens implementation discipline and accountability by ensuring that appropriated funds are released and applied strictly for the purposes specified in the schedules.”
President Tinubu explained that the bill provides that virement may only be effected with the prior approval of the National Assembly, outlines conditions for corrigenda where genuine errors may hinder implementation, and mandates the separate recording of excess revenue, limiting its expenditure to an Act or approval of the National Assembly.
He said the bill also mandates due process compliance and periodic reporting on fund releases, as well as agency revenues and assistance.
The President urged the Senate to consider and pass the bill expeditiously.
Responding, Senator Akpabio said the letter had been referred to the Senate secretariat to do the needful.