Reps move to extend 2024 budget implementation deadline to Dec 31
The House of Representatives has passed a crucial bill that extends the implementation timeline for the capital components of the 2024 budget from June 30 to December 31, 2025.
The bill, officially titled “A Bill for an Act to Amend the 2024 Appropriation Act to Further Extend the Capital Components of the Act From 30th June 2025 to 31st December 2025 and for Related Matters (HB.2404),” was introduced by Deputy Majority Leader Ibrahim Halims during the plenary session held on Tuesday.
Speaker Tajudeen Abbas stated, “The extension is necessary because the 2024 budget has not been fully implemented.” Following this, the bill was approved via a voice vote and referred to the Committee on Supply for further consideration.
Earlier in the year, the House approved Nigeria’s national budget 2025, set at ₦54.99 trillion, reflecting a remarkable 99.96% increase compared to the 2024 budget of ₦27.5 trillion. President Bola Tinubu initially proposed a budget of ₦49.7 trillion, which was later adjusted to ₦54.2 trillion before being finalized at ₦54.99 trillion by the National Assembly.
The key components of the 2025 budget include: Total Expenditure of ₦54.99 trillion; Statutory Transfers of ₦3.65 trillion; Recurrent (Non-Debt) Expenditure of ₦13.64 trillion; Capital Expenditure of ₦23.96 trillion; Debt Servicing of ₦14.32 trillion; with the Deficit-to-GDP Ratio still pending finalization.
Source: PUNCH
