President Bola Tinubu has asked the house of representatives to approve the extension of the 2025 budget implementation to March 31, 2026.
In a letter dated December 18 and addressed to Tajudeen Abbas, speaker of the house, Tinubu said the request is in a bid to allow full release of capital implementation to all ministries, departments, and agencies (MDAs).
The president transmitted the 2024 and 2025 Appropriation (repeal and re-enactment) Bills for legislative consideration.
“The Bilis seek to repeal the 2024 Appropriation Act of N35,055,536,770,218 and re-enact by authorising the issuance from the Consolidated Revenue Fund of the Federation of the total sum of N43,561,041,744,507 comprising N1,742,786.788,150 for Statutory Transfers, N8,270,960,606,831 for Debt Service, N11,268,513,380,853 for Recurrent (Non-Debt) Expenditure, and N22.278,780,968.673 for Capital Expenditure/Development Fund contributions for the year ending 31 December 2025 as provided in the Bill) And,” the letter reads.
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“Repeal The 2025 Appropriation Act of N54,990,165,355,396 and re-enact by authorising the issuance from the Consolidated Revenue Fund of the Federation of the total sum of N48,316,242,591,785 comprising N3.645.761,358,925 for Statutory Transfers, N14,317,142.689,548 for Debt Service N13,588,009,682,673 for Recurrent (Non-Debt) Expenditure, and N16.705:328,860,640 for Capital Expenditure/Development Fund contribution. for the year ending 31 March, 2026 (as provided in the Bill).
“The House of Representatives is invited to note that 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 31, 2026 to allow for full release of the target 30% for ALL MDAS.”
‘EXTENSION PART OF FISCAL REFORM TO ELIMINATE OVERLAP OF MULTIPLE BUDGETS’
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According to Tinubu, the extension forms part of a broader fiscal reform measure aimed at eliminating the overlap of multiple, concurrently running budgets.
He said the reform seeks to strengthen planning, execution, and accountability across government expenditure cycles, while providing a transparent and constitutionally grounded appropriation mechanism and a prudent public financial management framework.
The president said the bills also include provisions to strengthen implementation discipline and accountability, including requiring that appropriated funds be released and applied strictly for the purposes specified in the schedules, limiting virement to prior national assembly approval, and mandating periodic reporting on fund releases and agency revenues.
“Setting out conditions for corrigenda where genuine errors may hinder implementation, requiring separate recording of excess revenue and limiting its expenditure to an Act or approval of the National Assembly,” Tinubu said.
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“The House of Representatives is invited to note that, this letter supersedes my earlier submission vide PRES/134/50/S/ARRENB dated 16th December, 2025.
“Whilst it is my hope that the House of Representatives will consider the passage of the Bills in its usual expeditious manner, please accept, Rt. Honourable Speaker, the assurances of my highest consideration.”
Earlier, the president said only about 17 percent of the 2025 capital budget, equivalent to N3.1 trillion, was released by the third quarter (Q3).
Presenting the 2026 budget on Friday to the national assembly, Tinubu explained that the low implementation of the 2025 capital budget is due to the focus on completing priority 2024 projects during the transition period.
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