In a major fiscal reset aimed at addressing revenue shortfalls, weak capital execution and overlapping budget cycles, the National Assembly on Tuesday approved a revised N43.5tn 2024 Appropriation Act and a reworked N48.3tn 2025 budget framework, with the 2025 fiscal year extended to March 31, 2026.
The approval followed marathon plenary sessions in both chambers, culminating in the passage of the Appropriation Act (Repeal and Re-enactment) Bills for the 2024 and 2025 fiscal years, transmitted to the legislature by President Bola Ahmed Tinubu last Friday.
At the Senate, the revised budgets were approved after the adoption of a consolidated report of the Committee on Appropriations, presented by its chairman, Senator Solomon Adeola (Ogun West). The exercise, according to lawmakers, was designed to align Nigeria’s budget architecture with current fiscal realities, address implementation gaps and restore discipline to the budgeting process.
Presenting the report, Adeola explained that the core objective of the bills was to repeal earlier budget provisions and replace them with revised figures that reflect prevailing revenue constraints, debt sustainability concerns and emerging national priorities.
