President Bola Ahmed Tinubu has formally requested the National Assembly‘s approval to extend the 2025 budget to March 31, 2026.

The President said this is aimed at ensuring the full release of the 30 per cent capital allocation to all ministries, departments, and agencies (MDAs).

In a letter dated December 18, 2025, read by the Speaker of the House of Representatives, Tajudeen Abbas, on Friday, the President transmitted the Appropriation (Repeal and Re-Enactment) Bills for 2024 and 2025.

The Bills propose repealing the existing Appropriation Acts and re-enacting revised expenditure plans that reflect current fiscal realities and execution capacity.

Under the revised figures, the President said the 2024 budget of N35.06 trillion would be replaced with N43.56 trillion, while the 2025 budget of N54.99 trillion would be re-enacted at N48.32 trillion to cover statutory transfers, debt service, recurrent expenditures, and capital development contributions.

The President said the move is part of broader fiscal reforms aimed at eliminating overlaps from multiple concurrently running budgets, strengthening planning, execution, and accountability across government expenditure cycles. Tinubu said the current submission supersedes an earlier transmission dated December 16, 2025.

The President said, “The Bills 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
“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 per cent.

“In addition to 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 per cent for all MDAS.

“This is part of a broader fiscal reform measure aimed at eliminating the overlap of multiple concurrently running budgets, thereby strengthening planning, execution, and accountability across government expenditure cycles. It further provides a transparent and constitutionally grounded appropriation mechanism and prudent public financial management framework.

“The Bills also strengthen implementation discipline and accountability by. among other provisions: requiring that appropriated funds are released and applied strictly for the purposes specified in the Schedules, providing that virement may only be effected with prior approval of the National Assembly: 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; and mandating due-process compliance and periodic reporting on releases and agency revenues/assistance.