To end the overlap of multiple fiscal cycles, President Bola Tinubu has asked the National Assembly to extend the 2025 budget implementation until March 31, 2026.
Speaker Tajudeen Abbas read the formal request, dated December 18, during a special House of Representatives plenary on Friday.
The President noted that this new proposal replaces his December 16 letter and serves as a key fiscal reform to improve the planning and execution of public finances.
He said the proposed amendments would allow for the full release of at least 30% of capital allocations to Ministries, Departments and Agencies, noting that delayed releases had continued to undermine budget performance.
According to Tinubu, the repeal and re-enactment of the 2024 Appropriation Act would revise its total size to N43.56 trillion, while the 2025 budget would be adjusted to N48.32 trillion and extended to cover the period ending March 31, 2026.
The letter reads: “I hereby transmit to the House of Representatives the enclosed Appropriation (Repeal and Re-Enactment Bills), 2024 and 2025, for the consideration of the National Assembly, in accordance with the established constitutional and legislative appropriation process.
“The Bills seek to repeal the 2024 Appropriation Act of N35,055,536,770,218 and re-enact by authorising the issuance from the Consolidated Revenue Fund of the Federation of the total sum of N43,561,041,744,507 comprising N1,742,786,788,150 for Statutory Transfers, N8,270,960,606,831 for Debt Service, N11,268,513,380,853 for Recurrent (Non-Debt) Expenditure, and N22,278,780,968,673 for Capital Expenditure/Development Fund contributions for the year ending 31st December 2025 as provided in the Bill).
“It also seeks to repeal The 2025 Appropriation Act of N54,990,165,355,396 and re-enact by authorising the issuance from the Consolidated Revenue Fund of the Federation of the total sum of N48,316,242,591,785 comprising N3,645,761,358,925 for Statutory Transfers, N14,317,142,689,548 for Debt Service, N13,588,009,682,673 for Recurrent (Non-Debt) Expenditure, and N16,765,328,860,640 for Capital Expenditure/Development Fund contribution, for the year ending 31st March, 2026 (as provided in the bill).
”The House of Representatives is invited to note that The Bills are submitted to cater for all items not previously recognised while also reflecting a revised capital implementation target of 30%.
”In addition, this adjustment aligns with current fiscal realities and execution capacities, while ensuring that budget performance remains credible and transparent. It further seeks to extend the 2025 Budget to March 31st, 2026 to allow for full release of the target 30% for all MDAs.”
He urged lawmakers to consider and pass the bills expeditiously in the overall interest of national development.
Persecondnews reports that since Tinubu assumed office in May 2023, the Federal Government has struggled with overlapping budget cycles, largely due to delayed budget passage, revenue constraints and slow release of capital funds.
The Presidency has repeatedly argued that operating multiple budgets at the same time weakens fiscal discipline, distorts project planning and complicates accountability.
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