President Bola Tinubu has urged the Senate to approve the Appropriation Repeal and Re-enactment Bill II of 2024.
The president’s request was conveyed in a letter addressed to President of the Senate, Godswill Akpabio, and read at plenary on Wednesday.
The President also urged the House of Representatives, the Appropriation Act (Repeal and Re-enactment Bill-2), 2024-2025 for consideration and approval.
In a letter addressed to the Speaker Abbas Tajudeen and read on the floor of the House on Wednesday,
the bill seeks to authorise the issue from the Consolidated Revenue Fund of the Federation of the total sum of N43.56 trillion.
Tinubu said that the request was in line with established constitutional and legislative appropriation processes.
He said that the proposal sought the authorisation for the issuance of N43.5 trillion from the consolidated revenue fund of the federation for the year ending, Dec 31.
The president said that the sum comprised N1 trillion for statutory transfers; N8.2 trillion for debt services; N11.2 trillion for recurrent non-debt expenditure and N22.2 trillion for capital expenditure and development fund contribution.
He said that the bill was designed to end the practice of running multiple budgets, while ensuring high capital performance rates for the 2024 and 2025 capital budgets.
Tinubu said that the proposal provided a transparent and constitutionally-grounded appropriation mechanism.
This, he said, was for the orderly consolidation of critical and time-sensitive expenditures undertaken in response to emergency exigencies.
Tinubu stated that the bill would advance the collective well-being of Nigerians, safeguard national security, reinforce fiscal discipline, accountability and broader public financial management.
He said that the bill would also strengthen implementation discipline and accountability.
“The bill will ensure that appropriated funds are released and applied strictly for purposes specified in the schedules, ” Tinubu said.
He said that the proposal which provides that virement could only be effected with prior approval of the national assembly,
sets out conditions for corrigenda where genuine errors might hinder implementation.
The president said the bill would ensure separate recording of excess revenue, while limiting its expenditure to act or approval of the national assembly.
He said that it mandated due process compliance and periodic reporting on fund releases and revenue of MDAs.
Tinubu urged the senate to consider expeditious passage of the bill
Out of this sum, N1.74 trillion is for statutory transfers, N8.27 trillion is for debt service, N11.26 trillion is for recurrent (Non-debt) expenditure, and N22.27 trillion for capital expenditure/development fund contribution, for the year ending 31 December 2025 (as provided in the Bill).
Tinubu stated that the aim of the bill is to bring an end to the practice of running multiple budgets concurrently, while at the same time ensuring reasonable – indeed unprecedentedly high – capital performance rates on the 2024 and 2025 capital budgets.
“It further provides, through a transparent and constitutionally grounded appropriation mechanism, for the orderly consolidation and appropriation of critical, time-sensitive expenditures necessarily undertaken in response to emergency exigencies (advancing the collective well-being of Nigerians and safeguarding national security) – while reinforcing fiscal discipline, accountability, and prudent public financial management.
“The House of Representatives may wish to note that, the Bill also strengthens 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.
“Whilst it is my hope that the House of Representatives will consider the passage of the Bill expeditiously, please accept, Rt. Honourable Speaker, the assurances of my highest consideration,” the letter further reads.
