By Atoyebi Nike
The House of Representatives has approved the revised ₦43.56 trillion 2024 budget and the ₦48.31 trillion 2025 budget following the adoption of the House Committee on Appropriations’ report.
The 2024 revised budget allocates ₦1.74 trillion for statutory transfers, ₦8.27 trillion for debt servicing, ₦11.26 trillion for recurrent (non-debt) expenditure, and ₦22.27 trillion for capital expenditure and development funds for the fiscal year ending December 31, 2025.
The revised 2025 budget sets aside ₦3.64 trillion for statutory transfers, ₦14.31 trillion for debt service, ₦13.58 trillion for recurrent expenditure, and ₦16.76 trillion for capital spending through development funds, running until March 31, 2026.
President Bola Tinubu had transmitted bills repealing and re-enacting the previous appropriation acts to accommodate items previously omitted and adjust capital targets to reflect fiscal realities. He noted that Nigeria’s capital implementation rate remains low, and extending the 2025 budget allows ministries and agencies sufficient time to utilize capital releases fully.
Tinubu said the revisions are part of broader fiscal reforms to address structural weaknesses, including eliminating overlapping budgets, improving planning, strengthening transparency, and ensuring better value for money in public expenditure.
