Senate passes ₦43.5trn revised 2024 budget, extends 2025 fiscal year

By Henry Umoru, ABUJA

The Senate has approved a revised ₦43.561 trillion 2024 Appropriation Act and a reworked 2025 budget framework, following the passage of the Appropriation (Repeal and Re-enactment) Bills.

The bills were considered at the Committee of Supply and plenary, and subsequently passed by voice vote. Senators described the exercise as a significant step toward restoring fiscal discipline and ensuring budget clarity.

The development followed a letter from Senate President Godswill Akpabio to the National Assembly on December 19, 2025, conveying President Bola Ahmed Tinubu’s request to repeal and re-enact aspects of the 2024 and 2025 Appropriation Acts in line with constitutional and legislative procedures.

Senator Olamilekan Adeola, APC, Ogun West, who presented the bills, explained that the revisions reflected current fiscal realities, revenue constraints, and emerging national priorities. The 2024 budget was increased from the original ₦35.005 trillion to ₦43.561 trillion, covering statutory transfers, debt servicing, recurrent expenditure, and capital projects.

For the 2025 fiscal year, the earlier ₦54.99 trillion Appropriation Act was replaced with a revised ₦48.316 trillion framework. The adjustment reflects the rollover of part of the 2025 capital allocation into the 2026 fiscal year due to funding constraints, ensuring improved budget effectiveness and debt sustainability.

Senator Adeola highlighted that ₦8.5 trillion was injected into the 2024 capital component to address security, humanitarian, and economic emergencies. In the 2025 budget, ₦6.674 trillion was deferred to 2026 to enhance implementation and revenue performance. He also cautioned against running multiple budget cycles concurrently, which undermines fiscal discipline and transparency.

Deputy Senate President, Senator Jibrin Barau, APC, Kano North, commended the committee for producing a high-quality report within a limited timeframe.

Senators Sani Musa, APC, Niger East, and Adetokunbo Abiru, APC, Lagos East, emphasized that the revised budgets captured critical infrastructure projects, including rail and road developments, and would improve coordination while safeguarding priority spending.

Chief Whip, Senator Tahir Monguno, APC, Borno North, described the passage as a welcome reform to prevent distortions caused by overlapping budgets.

Senate President Godswill Akpabio hailed the approval as a “major transformative step” that would strengthen transparency, accountability, and public confidence in the nation’s budgetary system.

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