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Senate Approves ₦43.5 Trillion Revised 2024 Budget, Adjusts 2025 Fiscal Framework
The Nigerian Senate approves a revised ₦43.561 trillion 2024 budget and adjusts the 2025 fiscal framework to ₦48.316 trillion, aiming to enhance fiscal discipline, priority spending, and debt sustainability.
The Nigerian Senate has passed a revised ₦43.561 trillion 2024 Appropriation Act and a reworked ₦48.316 trillion 2025 budget framework, following the passage of the Appropriation (Repeal and Re-enactment) Bills.
The bills were deliberated at the Committee of Supply and plenary and were subsequently approved by voice vote. Senators described the exercise as a critical step toward restoring fiscal discipline and ensuring budget clarity.
The approval followed a letter from Senate President Godswill Akpabio to the National Assembly on December 19, 2025, relaying President Bola Ahmed Tinubu’s request to repeal and re-enact portions of the 2024 and 2025 Appropriation Acts in accordance with constitutional and legislative requirements.
Senator Olamilekan Adeola (APC, Ogun West), who presented the bills, explained that the revisions reflected current fiscal realities, revenue constraints, and emerging national priorities. He noted that the 2024 budget increased from the original ₦35.005 trillion to ₦43.561 trillion, covering statutory transfers, debt servicing, recurrent expenditure, and capital projects.
For the 2025 fiscal year, the previously approved ₦54.99 trillion budget was replaced with a revised ₦48.316 trillion framework. The adjustment reflects the rollover of a portion of the 2025 capital allocation into 2026 due to funding constraints, aimed at improving budget implementation and debt sustainability.
Senator Adeola added that ₦8.5 trillion was injected into the 2024 capital component to address security, humanitarian, and economic emergencies. In the 2025 budget, ₦6.674 trillion was deferred to 2026 to enhance execution and revenue performance. He also warned against running multiple budget cycles concurrently, which can undermine fiscal discipline and transparency.
Deputy Senate President Senator Jibrin Barau (APC, Kano North) praised the committee for producing a comprehensive report within a limited timeframe. Senators Sani Musa (APC, Niger East) and Adetokunbo Abiru (APC, Lagos East) highlighted that the revised budgets included key infrastructure projects, such as rail and road developments, enhancing coordination while safeguarding priority spending.
Chief Whip Senator Tahir Monguno (APC, Borno North) described the passage as a welcome reform to prevent distortions caused by overlapping budgets. Senate President Godswill Akpabio hailed the approval as a “major transformative step” that would strengthen transparency, accountability, and public confidence in Nigeria’s budgetary system.
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