President Bola Ahmed Tinubu has asked the National Assembly to extend the implementation of the 2025 budget from December 31, 2025 to March 31, 2026. He also wants approval to consolidate the capital components of the 2024 and 2025 budgets as part of wider fiscal reforms.
Tinubu made the request in a letter dated December 18, which was read at Friday’s plenary by the Speaker of the House of Representatives, Abbas Tajudeen. He noted that the new letter replaces his earlier correspondence on the same subject dated December 16.
In the letter, the President transmitted Appropriation (Repeal and Re enactment) Bills for 2024 and 2025 to the National Assembly. He explained that the bills seek to repeal the existing 2024 and 2025 Appropriation Acts and replace them with revised spending frameworks.
For 2024, Tinubu proposed repealing the N35.06 trillion budget earlier passed. The fresh bill authorises total spending of N43.56 trillion, including N1.74 trillion for statutory transfers, N8.27 trillion for debt service, N11.27 trillion for recurrent (non debt) costs and N22.28 trillion for capital expenditure and development fund contributions, all for the year ending December 31, 2025.
He also wants the 2025 Appropriation Act of N54.99 trillion repealed and replaced. The new proposal puts total spending at N48.32 trillion up to March 31, 2026, with N3.65 trillion for statutory transfers, N14.32 trillion for debt service, N13.59 trillion for recurrent (non debt) expenditure and N16.77 trillion for capital and development fund contributions.
Tinubu told lawmakers that the revised figures are designed to cover items not previously recognised and to set a realistic capital implementation target of 30 percent. Extending the 2025 budget to March 2026, he added, would allow full release of that 30 percent capital allocation to all ministries, departments and agencies.
He said the reforms are intended to end the overlap of multiple budgets running at the same time. According to him, this should strengthen planning, execution and accountability in government spending cycles.
The President stressed that the bills also aim to improve discipline and transparency in budget implementation. They require that appropriated funds be released and used strictly for the purposes listed, restrict virement to cases approved in advance by the National Assembly and lay out conditions for correcting genuine errors that could block implementation.
The proposals further demand separate recording of excess revenue and limit its use to situations approved by an Act of the National Assembly. They also insist on due process, along with regular reporting on releases, agency revenues and external assistance.
Tinubu reminded lawmakers that the latest letter supersedes his earlier submission on the same matter. He appealed to the House to consider and pass the bills promptly, in line with its usual speedy handling of budget related requests.
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