The house of representatives on tuesday passed the revised ₦43.56tn 2024 budget, following the consideration and adoption of the report of the house committee on appropriations. The approval came after the committee of supply concluded clause-by-clause consideration of the budget and its subsequent passage for third reading at plenary, presided over by the speaker, Tajudeen Abbas. A breakdown of the ₦43.56tn revised 2024 budget shows that ₦1.74tn is earmarked for statutory transfers, ₦8.27tn for debt servicing, ₦11.26tn for recurrent (non-debt) expenditure, while ₦22.27tn is allocated to capital expenditure and development fund contributions for the fiscal year ending december 31, 2025. At the same plenary session, the house also passed the revised ₦48.31tn 2025 budget.
Of this amount, ₦3.64 trillion is set aside for statutory transfers, ₦14.31 trillion for debt service, ₦13.58 trillion for recurrent (non-debt) expenditure, and ₦16.76 trillion for capital expenditure through development fund contributions. The revised 2025 budget is expected to run until march 31, 2026.
The passage followed the transmission of the appropriation (repeal and re-enactment) bills for 2024 and 2025 by President Bola Tinubu last friday. The first executive bill repeals the 2024 appropriation act of ₦35.05tn and re-enacts it with an increased total expenditure of ₦43.56tn, to be drawn from the consolidated revenue fund of the federation.
