Senate reviews 2025 spending plan, cuts budget to N43.56trn

The senate on Wednesday considered a bill seeking to repeal and re-enact the 2024/2025 Appropriations Act, proposing a revised budget of N43.56 trillion.

President Bola Tinubu had earlier transmitted the Appropriation, Repeal, and Re-enactment Bill 2024 to the national assembly for consideration earlier in the day.

The bill was passed for its second reading during the plenary session.

According to the proposed expenditure framework, N1.74 trillion is allocated for statutory transfers.

The bill also earmarks N8.27 trillion for debt service, while recurrent non-debt expenditure is put at N11.27 trillion.

Capital expenditure and development fund contributions are estimated at N22.28 trillion.

The senate said it has directed Wale Edun, minister of finance, Atiku Bagudu, minister of budget and national planning, and Zacch Adedeji, chairman of the federal inland revenue service (FIRS), to appear before the senate committee on appropriations.

The officials are expected to provide further clarification on the proposed expenditure plan.

Leading the debate, Opeyemi Bamidele, senate leader, said the amendment was “not merely procedural; it is structural and reform-driven”.

Bamidele said the bill seeks “to repeal and re-enact the existing Appropriation framework in order to bring an end to the unhealthy practice of running multiple budget cycles concurrently”.

He said the practice had historically undermined budget clarity, weakened fiscal discipline and blurred accountability across ministries, departments and agencies.

The senate leader said the bill would provide a lawful mechanism to consolidate and appropriate expenditures that are “critical, time-sensitive, and unavoidable”.

He described the proposal as a balance between responsiveness and responsibility.

Bamidele said the amendment would ensure urgent public spending does not erode legislative oversight or fiscal prudence.

He said the bill would strengthen fiscal discipline, accountability and prudent public financial management.

Bamidele also said the proposal introduces safeguards requiring that appropriated funds are released and applied strictly for purposes approved by the national assembly.

He added that virement would only be allowed with prior approval of the national assembly.

“These provisions collectively reaffirm the power of the purse vested in the legislature and ensure that executive flexibility does not translate into fiscal opacity or abuse,” he said.

“They deepen trust in public finance administration and reassure Nigerians that every naira appropriated is traceable, justified, and lawfully spent.”

After the debate, the senate, presided over by Barau Jibrin, deputy senate president, passed the bill to second reading.

Jibrin referred the bill to the senate committee on appropriations, chaired by Solomon Adeola.

The committee was mandated to report back to plenary within two days.