The Senate has approved the repeal and re-enactment of the 2024 and 2025 Appropriation Acts to address the confusion caused by overlapping budget implementation periods and restore order to the national budget cycle.
Lawmakers said the decision would ensure that the capital components of both budgets are fully implemented by the end of March 2026, providing clearer timelines and strengthening fiscal discipline.
The approval followed the adoption of a report by the Joint Senate Committee on Appropriations during plenary. The committee explained that the move was necessary to correct the practice of running multiple budget cycles at the same time, which it said undermines budget clarity and weakens fiscal responsibility.
Under the re-enacted 2024 budget, total expenditure stands at ₦43.5 trillion, including ₦8.2 trillion for debt servicing, ₦11.2 trillion for recurrent non-debt expenditure, and ₦22.2 trillion allocated to capital projects through the Development Fund, covering the period up to December 31, 2025.
The Senate also repealed and re-enacted the 2025 budget, with total expenditure of ₦54.9 trillion. This includes ₦3.6 trillion for statutory transfers, ₦14.3 trillion for debt servicing, ₦13.5 trillion for recurrent non-debt expenditure, and ₦16.7 trillion for capital expenditure via the Development Fund, running until March 31, 2026.
The committee disclosed that consultations were held with key members of the federal government’s economic management team to better understand the rationale behind the repeal and re-enactment of the two budgets.
It added that the measure is intended to balance urgent government spending needs with legislative oversight and fiscal prudence, while preventing future overlaps in budget implementation.
