Senate Considers Tinubu’s ₦43.56tn Budget Re-enactment

The Senate has begun reviewing President Bola Ahmed Tinubu’s request to re-enact the ₦43.56tn budget, a move aimed at streamlining government spending and ensuring fiscal stability.

In a letter submitted on Wednesday, Tinubu sought the repeal and re-enactment of the 2024 budget to authorize the withdrawal of ₦43.56tn from the Consolidated Revenue Fund of the Federation for the 2025 fiscal year.

The proposed legislation follows constitutional and legislative appropriation procedures and outlines government spending for the year ending December 31, 2025.

The breakdown of the budget shows ₦1tn for statutory transfers, ₦8.2tn for debt servicing, ₦11.2tn for recurrent non-debt expenditure, and ₦22.2tn for capital projects and development fund contributions.

Tinubu said the bill would end the practice of running multiple budgets, ensure high capital performance for both the 2024 and 2025 fiscal years, and provide a transparent framework for critical and emergency expenditures.

“The proposal strengthens discipline and accountability by ensuring appropriated funds are released and used strictly for their intended purposes,” he said. He added that the bill limits fund virement to National Assembly-approved instances, sets procedures for correcting genuine errors, requires separate recording of excess revenue for legislative approval, and mandates regular reporting on fund releases and agency revenues.

According to the President, the re-enacted budget will boost national security, promote the well-being of Nigerians, and reinforce fiscal discipline and sound public financial management.

Urging prompt action, Tinubu called on the Senate to consider and pass the bill swiftly. Senate President Godswill Akpabio confirmed the request had been forwarded to the relevant channels for further consideration, noting, “The letter has been referred to the Senate Secretariat to do the needful.”

The legislation is expected to undergo detailed scrutiny in the coming days as lawmakers work to ensure effective budget implementation and fiscal stability.