President Bola Ahmed Tinubu today submitted a formal request to the National Assembly for the extension of the 2025 Appropriation Act's implementation period to March 31, 2026. This move aims to resolve ongoing challenges with overlapping budget cycles and ensure efficient fiscal management across government operations.
The request, outlined in a letter dated December 18, 2025, and read during a special plenary session of the House of Representatives by Speaker Tajudeen Abbas, supersedes an earlier communication from December 16, 2025. It seeks to repeal and re-enact both the 2024 and 2025 Appropriation Acts to align with current fiscal realities.
The revised 2024 budget totals N43.56 trillion, including N1.74 trillion for statutory transfers, N8.27 trillion for debt service, N11.27 trillion for recurrent expenditure, and N22.28 trillion for capital expenditure, effective until December 31, 2025.
For 2025, the adjusted budget stands at N48.32 trillion, comprising N3.65 trillion for statutory transfers, N14.32 trillion for debt service, N13.59 trillion for recurrent expenditure, and N16.77 trillion for capital expenditure.
This extension will facilitate the full release of at least 30 percent of capital allocations to all Ministries, Departments, and Agencies, addressing delays that have hampered budget performance. President Tinubu emphasized that these reforms will strengthen planning, execution, and accountability in public spending, ending the inefficiencies caused by simultaneous budget operations.
Since assuming office in May 2023, the administration has faced issues like delayed budget passages, revenue shortfalls, and slow capital fund releases, which distort project planning and fiscal discipline.
"I hereby transmit to the House of Representatives the enclosed Appropriation (Repeal and Re-Enactment Bills), 2024 and 2025, for the consideration of the National Assembly," President Tinubu stated in his letter. "The Bills are submitted to cater for all items not previously recognised while also reflecting a revised capital implementation target of 30%.
In addition, this adjustment aligns with current fiscal realities and execution capacities, while ensuring that budget performance remains credible and transparent. It further seeks to extend the 2025 Budget to March 31st, 2026 to allow for full release of the target 30% for all MDAs."
The President urged lawmakers to expedite the consideration and passage of these bills in the interest of national development. This initiative underscores the administration's commitment to fiscal reform and sustainable economic growth for Nigeria.