President Bola Tinubu has urged the Senate to approve the 2024 Appropriation Repeal and Re-enactment Bill II, seeking authorisation to withdraw ₦43.5 trillion from the Consolidated Revenue Fund of the Federation for the fiscal year ending December 31, 2024.
The request was contained in a letter addressed to the President of the Senate, Godswill Akpabio, and was read at plenary on Wednesday.
According to Tinubu, the request aligns with established constitutional and legislative appropriation procedures. He explained that the proposed sum comprises ₦1 trillion for statutory transfers, ₦8.2 trillion for debt servicing, ₦11.2 trillion for recurrent non-debt expenditure, and ₦22.2 trillion for capital expenditure and development fund contributions.
The president said the bill is aimed at ending the practice of operating multiple budgets while ensuring improved capital project performance for the 2024 and 2025 fiscal years. He described the proposal as a transparent and constitutionally grounded appropriation framework designed to consolidate critical and time-sensitive expenditures arising from emergency situations.
Tinubu noted that the bill would promote national development, safeguard security, and strengthen fiscal discipline, accountability, and public financial management. He added that it would also enhance implementation discipline by ensuring that appropriated funds are released and utilised strictly for approved purposes.
He further explained that the proposal requires prior approval of the National Assembly for any virement, outlines provisions for corrigenda in cases of genuine errors, mandates separate recording of excess revenue, and limits its expenditure to legislative approval. The bill also provides for due process compliance and periodic reporting by ministries, departments, and agencies on fund releases and revenue.
The president urged the Senate to expedite consideration and passage of the bill.
