The house of representatives has approved the revised N43.56tn 2024 budget after adopting the report of the house committee on appropriations.
The approval followed the conclusion of clause-by-clause consideration by the committee of supply and the passage of the budget for third reading at plenary on Tuesday.
Tajudeen Abbas, speaker of the house of representatives, presided over the session where the revised spending plan was adopted.
A breakdown of the revised N43.56tn 2024 budget shows that N1.74tn was provided for statutory transfers.
The document also earmarked N8.27tn for debt servicing and N11.26tn for recurrent non-debt expenditure.
Capital expenditure and development fund contributions for the 2024 fiscal year ending December 31, 2025, were put at N22.27tn.
During the same sitting, lawmakers also passed the revised N48.31tn 2025 budget.
Under the revised 2025 framework, N3.64tn was allocated for statutory transfers and N14.31tn for debt servicing.
The house also approved N13.58tn for recurrent non-debt expenditure and N16.76tn for capital expenditure through development fund contributions.
The lawmakers agreed that the revised 2025 budget would run until March 31, 2026.
The approvals followed the transmission of the Appropriation Repeal and Re-enactment Bills for 2024 and 2025 by President Bola Tinubu last Friday.
The executive bill for 2024 repeals the earlier N35.05tn appropriation act and replaces it with a revised total expenditure of N43.56tn to be funded from the consolidated revenue fund of the federation.
The second bill repeals the N54.99tn 2025 appropriation act and substitutes it with a reduced spending plan of N48.31tn.
Tinubu explained that the revisions were required to accommodate budgetary items previously omitted and to realign capital implementation targets with current fiscal conditions.
He stated that the revised framework adopts a more realistic capital implementation benchmark of 30 per cent in view of Nigeria’s revenue limitations and execution capacity.
The president also acknowledged that weak implementation of the capital component of the 2024 budget had affected infrastructure delivery nationwide.
Tinubu said extending the lifespan of the 2025 budget to March 31, 2026, would give ministries, departments and agencies more time to access and utilise the projected 30 per cent capital releases.
He added that the approach forms part of a broader fiscal reform agenda aimed at correcting structural flaws in Nigeria’s budgeting process.
The president said eliminating the practice of running multiple budgets simultaneously would improve planning, strengthen implementation, and enhance transparency and accountability.
According to Tinubu, the revised budget framework is intended to deliver more credible budget outcomes, improve coordination of government programmes, and ensure better value for money for Nigerians.