The National Assembly has approved revised Appropriation Acts totaling N43.561 trillion for 2024 and N48.316 trillion for 2025, while also advancing President Bola Ahmed Tinubu’s N58.472 trillion 2026 budget to second reading in the Senate.
The decisions followed the passage of the Appropriation (Repeal and Re-enactment) Bills for the 2024 and 2025 fiscal years by both chambers, a move lawmakers described as a decisive effort to restore fiscal discipline, eliminate overlapping budget cycles, and align public spending with prevailing economic realities.
Senate backs repeal and re-enactment
In the Senate, approval came after the adoption of a consolidated report by the Senate Committee on Appropriations, presented by its Chairman, Senator Solomon Adeola (APC, Ogun West). The report stemmed from a request by President Tinubu, conveyed in a letter read at plenary on December 19, 2025, seeking legislative approval to repeal and re-enact aspects of the 2024 and 2025 budgets.
Adeola explained that the 2024 Appropriation Act, originally set at N35.005 trillion, was repealed and re-enacted at N43.561 trillion to accommodate additional security, humanitarian, and economic intervention needs. He said N8.5 trillion was injected into the capital component to tackle urgent national challenges.
For 2025, the initial N54.99 trillion budget was repealed and replaced with a revised expenditure of N48.316 trillion, with about N6.7 trillion in capital spending deferred to the 2026 fiscal year due to revenue constraints.
Adeola warned that running multiple budgets concurrently undermines transparency and fiscal discipline, stressing that the repeal and re-enactment process was designed to correct distortions caused by overlapping budget cycles. The committee also recommended extending the implementation of the 2025 budget to March 31, 2026, to ensure continuity of capital projects.
Lawmakers across party lines endorsed the recommendations. Deputy Senate President Jibrin Barau described the committee’s work as “top-notch,” while senators including Mohammed Sani Musa, Adetokunbo Abiru, and Chief Whip Mohammed Tahir Monguno said the revisions would strengthen fiscal discipline and end the practice of stretching one revenue stream across multiple budgets. The bills were subsequently passed following a voice vote.
Senate President Godswill Akpabio hailed the approvals as a “transformative step” toward greater transparency and accountability in public finance.
House approves revised spending
The House of Representatives also approved the issuance of N43.561 trillion and N48.316 trillion from the Consolidated Revenue Fund for the 2024 and 2025 budgets after considering reports presented by Abubakar Kabir Abubakar, Chairman of the House Committee on Appropriations.
The House-approved breakdown for 2024 includes:
- N1.74 trillion for statutory transfers
- N8.27 trillion for debt service
- N11.27 trillion for recurrent non-debt expenditure
- N22.28 trillion for capital expenditure
For 2025, the figures are:
- N3.65 trillion for statutory transfers
- N14.32 trillion for debt service
- N13.59 trillion for recurrent expenditure
- N16.71 trillion for capital expenditure
Implementation of the 2025 budget was similarly extended to March 31, 2026.
2026 budget moves to second reading
The Senate also passed President Tinubu’s N58.472 trillion 2026 Appropriation Bill for second reading, endorsing the administration’s fiscal framework of consolidation, resilience, and development.
Leading the debate, Senate Leader Opeyemi Bamidele said the bill translates the President’s 2026 budget address into enforceable public expenditure and would be central to economic management in the coming year.
According to him, the proposed 2026 budget comprises:
- N4.097 trillion for statutory transfers
- N15.909 trillion for debt service
- N15.252 trillion for recurrent non-debt expenditure
- N23.214 trillion for capital expenditure, the largest component
Lawmakers, including former Senate President Ahmad Lawan, welcomed the scale of capital and security spending but cautioned that political activities in 2026 must not derail budget implementation.
The bill was referred to the Senate Committee on Appropriations, with a mandate to report back within one month. The Senate later adjourned plenary until January 27, 2026.
Speaking to reporters, Senator Adeola clarified discrepancies between figures in the budget speech and the appropriation bill, confirming N58.472 trillion as the official size of the 2026 budget. He described the repeal and re-enactment of the 2024 and 2025 budgets alongside the 2026 proposal as a “three-in-one reform” aimed at ending fiscal distortions and returning Nigeria to the practice of operating a single budget per financial year.
Comments