House of Reps approves 43tr, 48tr for 2024, 2025 budgets

The House of Representatives has approved the issuance of ₦43.56 trillion and ₦48.32 trillion from the Consolidated Revenue Fund (CRF) to fund the 2024 and 2025 federal budgets, respectively.

The approval followed the consideration of the Appropriation (Repeal and Re-enactment) Bills for 2024 and 2025, which were transmitted to the House by President Bola Tinubu last week. The bills were submitted in line with constitutional provisions governing Nigeria’s budgetary and appropriation process

The Bills sought to repeal the 2024 Appropriation Act of N35,055,536,770,218 and re-enact by authorising the issuance from the CRF 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.

It also repeals 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.

The House gave the approvals promptly after considering the two Bills presented to it by the Chairman of the House Committee on Appropriations, Abubakar Kabir Abubakar.