President Bola Tinubu has asked the Senate to approve the repeal and re-enactment of the ₦43.5 trillion 2024 Appropriation Act, in a move aimed at ending the practice of running overlapping budgets and strengthening fiscal discipline.
The request was conveyed to lawmakers in a letter read at plenary on Wednesday by Senate President Godswill Akpabio.
According to the President, the proposed legislation seeks to introduce clarity and order into the budgeting process.
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“The purpose of the bill is to stop the practice of running multiple budgets concurrently and to provide a transparent mechanism for the orderly consolidation of budgets,” the President stated.
Tinubu explained that the ₦43.5 trillion proposal is made up of ₦1.7 trillion for statutory transfers, ₦8.2 trillion earmarked for debt servicing, ₦11.2 trillion for recurrent non-debt expenditure, and ₦22.2 trillion allocated to capital expenditure and development fund contributions.
He said the bill is structured to halt the practice of overlapping budgets while improving capital execution across both the 2024 and 2025 fiscal years.
The President further noted that the proposal establishes “a transparent and constitutionally grounded appropriation mechanism for the orderly consolidation of critical and time-sensitive expenditures undertaken in response to emergency exigencies.”
According to Tinubu, the revised appropriation framework would “advance the collective well-being of Nigerians, safeguard national security, and reinforce fiscal discipline, accountability, and broader public financial management.”
He added that the bill enhances spending discipline by ensuring that funds approved by the National Assembly are released and utilised strictly in line with their specified purposes.
Tinubu also said the legislation restricts the use of virements, stating that such adjustments can only occur with prior approval of the National Assembly.
It further outlines conditions for corrigenda where genuine errors may impede implementation and mandates that excess revenues be recorded separately and expended only with legislative authorisation.
He noted that the proposal reinforces due process requirements and compels regular reporting on fund releases, agency revenues and external assistance.
The President urged the Senate to give the bill speedy consideration.
Lawmakers responded by fast-tracking the process, approving the bill for second reading and directing the Senate Committee on Appropriations to engage relevant government agencies and submit its report within two days.
