President Bola Tinubu has officially requested the House of Representatives’ approval to authorize the release of ₦43.56 trillion from the Consolidated Revenue Fund of the Federation through the Appropriation (Repeal and Re-enactment) Bill for the 2024–2025 fiscal period. The move is aimed at putting an end to the practice of operating multiple budgets at the same time and strengthening fiscal discipline in government spending.
The request was conveyed in a formal letter addressed to the Speaker of the House, Rt. Hon. Tajudeen Abbas, and was read during plenary by the Deputy Speaker, Hon. Benjamin Kalu, who presided over the session.
In the letter, President Tinubu explained that the proposed legislation seeks approval to issue a total of ₦43,561,041,744,507 to cover statutory transfers, debt servicing obligations, recurrent expenditure excluding debt, as well as capital spending and development fund contributions.
According to the President, the Bill is intended to create a clearer, more structured and transparent budgeting system, while also responding to pressing national priorities. He stated that the re-enactment would allow government to properly consolidate budgets and address urgent expenditures already incurred due to emergency situations affecting national security and public welfare.
Tinubu noted that the legislation would also introduce tougher controls over budget execution and public fund management. Under the proposed framework, all released funds must be applied strictly in line with approvals granted by the National Assembly. The Bill further provides that virement can only occur with prior legislative consent, while corrections to the budget would be allowed solely under clearly defined circumstances where genuine errors could impede implementation.
Additional provisions include the separate documentation of excess revenues, restricting their use to purposes authorized by an Act of the National Assembly, mandatory compliance with due-process requirements, and regular reporting on fund disbursements as well as revenues or assistance generated by government agencies.
Describing the Bill as a step toward stronger accountability and disciplined budget implementation, the President appealed to lawmakers to fast-track its consideration. He concluded by expressing confidence in the House’s prompt action on the proposal.
Following the presentation, the House of Representatives passed the Bill for first and second readings, after which the Deputy Speaker referred it to the Committee on Appropriation for further legislative work.