Lawmakers approve updated budgets for 2024 and 2025
The House of Representatives has passed revised budgets of ₦43.56tn for 2024 and ₦48.31tn for 2025. The decision followed the submission of new appropriation bills by Bola Tinubu on May 31, 2025. Lawmakers say the changes address previously omitted items and adjust capital spending targets. The 2025 budget will now run until March 31, 2026 to allow more time for project implementation.
What we know
- The House approved the revised ₦43.56tn 2024 budget and ₦48.31tn 2025 budget on June 4, 2025.
- Bola Tinubu sent the new bills to address gaps and improve capital project delivery.
- The 2024 budget increases total spending from ₦35.05tn to ₦43.56tn, while the 2025 budget drops from ₦54.99tn to ₦48.31tn.
- The revised 2025 budget’s lifespan is extended to March 31, 2026, giving ministries more time to use capital funds.
- Tinubu says the reforms aim to fix overlapping budgets, boost transparency, and improve value for money.
