Tinubu asks Reps to approve ₦43.56trn Re-enactment budget

….end multiple Budgets running

By Gift ChapiOdekina, Abuja

President Bola Tinubu has formally asked the House of Representatives to approve the issuance of ₦43.56 trillion from the Consolidated Revenue Fund of the Federation through the Appropriation (Repeal and Re-enactment) Bill, 2024–2025, in a move aimed at ending the practice of running multiple budgets concurrently and tightening fiscal discipline.

The request was contained in a letter transmitted to the Speaker of the House of Representatives, Hon. Tajudeen Abbas, and read at plenary by the Deputy Speaker, Benjamin Kalu who presided over plenary.

According to the letter, the Bill seeks authorization to issue a total sum of ₦43,561,041,744,507 to fund Statutory Transfers, Debt Service, Recurrent (Non-Debt) Expenditure, and Capital Expenditure/Development Fund contributions.

President Tinubu said the proposed legislation is designed to introduce a more transparent and orderly budget framework, while addressing urgent national needs.

“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.

He explained that the re-enactment would also accommodate critical and time-sensitive expenditures already incurred in response to emergency situations affecting national security and public welfare.

“The Bill provides for the appropriation of critical, time-sensitive expenditures necessarily undertaken in response to emergency exigencies, advancing the collective well-being of Nigerians and safeguarding national security,” Tinubu said, adding that it would simultaneously “reinforce fiscal discipline, accountability, and prudent public financial management.”

The President further noted that the proposed law introduces stricter controls on budget implementation and the use of public funds. Under the Bill, funds released must be applied strictly for the purposes approved by the National Assembly.

Among other safeguards, Tinubu said the Bill stipulates that virement can only be effected with prior approval of the National Assembly, while corrigenda would be permitted only under clearly defined conditions where genuine errors could hinder implementation.

It also mandates the separate recording of excess revenue, limiting its expenditure strictly to cases approved by an Act of the National Assembly, and requires due-process compliance as well as periodic reporting on fund releases and agency-generated revenues or assistance.

“The Bill strengthens implementation discipline and accountability,” the President emphasized.

Appealing for swift legislative action, Tinubu urged lawmakers to give the proposal expedited consideration.

“Whilst it is my hope that the House of Representatives will consider the passage of the Bill expeditiously, please accept, Rt. Honourable Speaker, the assurances of my highest consideration,” the letter concluded.

The House however passed the bill for first and second reading and the Deputy Speaker, referred it to the committee on appropriation.

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