Nigeria’s President Bola Ahmed Tinubu has asked parliament to approve a ₦43.56 trillion ($29.96 billion) spending plan that would repeal and re-enact the 2024 budget so it runs through December 2025.
The move is aimed at ending overlapping fiscal cycles and tightening control over public finances.
The request follows months of criticism from lawmakers over the government’s repeated rollover of capital budgets. The 2024 capital spending was first extended to June 2025 and later pushed to December 2025.
As a result of these extensions, the 2024 budget has been running alongside a separate ₦54.99 trillion 2025 budget. Lawmakers say this overlap has created confusion in planning, weakened accountability, and made it harder to track government spending, as seen on Reuters.
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The proposed reset is meant to restore budget discipline in Africa’s most populous country after years of missed January–December budget cycles.
Lawmakers argue that these missed cycles have disrupted project execution, weakened oversight, and reduced public trust in government finances.
Lawmakers are now pushing for a full return to a clean, calendar-year budget cycle starting in 2026.
In a letter read by Speaker Tajudeen Abbas on the floor of the House of Representatives on Wednesday, Tinubu said the repeal-and-reenactment bill would authorise withdrawals from the federal account under a single framework.
The proposed allocations include ₦1.74 trillion for statutory transfers, ₦8.27 trillion for debt service, ₦11.27 trillion for recurrent spending, and ₦22.28 trillion for capital projects.
Tinubu said the measure would “bring an end to the practice of running multiple budgets concurrently” and improve capital project execution after repeated rollovers of 2024 spending into 2025.
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