Tinubu moves to end multiple budgets, sends N43trn appropriation repeal, re-enactment bill to n’assembly

President Bola Tinubu has transmitted the Appropriation, Repeal, and Re-enactment Bill 2 of 2024 to the national assembly for consideration.

Godswill Akpabio, the senate president, read the president’s letter at plenary on Wednesday.

Tajudeen Abass also read the letter in the house of representatives.

“I hereby transmit to the Senate the enclosed Appropriation, Repeal, and Re-enactment Bill 2 of 2024 for the Consideration of the National Assembly in accordance with the established constitutional and legislative appropriation processes,” the letter reads.

“The bill seeks to authorize the issue from the Consolidated Revenue Fund of the federation of the sum of N43,561,041,744,507 comprising N1 trillion for statutory transfers, N8.2 trillion for debt service, N11.2 trillion for recurrent non-debt expenditure, N22.2 trillion for capital expenditure and development fund contribution for the year ending 31st December 2025 as provided in the bill.

“This bill is submitted to bring an end to the practice of running multiple budgets concurrently while at the same time ensuring reasonable, indeed unprecedentedly high capital performance rates on the 2024 and 2025 capital budgets.

“It further provides through a transparent and constitutionally grounded appropriation mechanism for the orderly consolidation and appropriation of critical time-sensitive expenditures necessarily undertaken in respect to emergency exigencies, advancing the collective well-being of Nigerians and safeguarding national security, while reinforcing fiscal discipline, accountability and broader public financial management.”

Tinubu said the bill would strengthen implementation discipline and accountability by ensuring that appropriated funds are released and applied strictly for the purposes specified in the schedules.

He said the proposal provides that fund transfers may only be effected with the prior approval of the national assembly, and sets out conditions for corrigenda where genuine errors may hinder implementation.

The president said the bill also requires the separate recording of excess revenue while limiting its expenditure to an Act or approval of the national assembly.

Tinubu added that the bill mandates due process compliance and periodic reporting on fund releases, as well as agency revenues and assistance.

After reading the letter, Akpabio referred it to the national assembly secretariat “to do the needful”.