The House of Representatives on Tuesday passed a bill for second reading that aims to extend the implementation of the capital portion of the 2024 budget from June 30 to December 31, 2025.
Deputy Majority Leader Ibrahim Halims presented the bill, 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),” during the plenary session.
Speaker Tajudeen Abbas explained that lawmakers found the extension necessary because the 2024 budget had not yet been fully implemented.
The House passed the bill through a voice vote and referred it to the Committee on Supply for further legislative action.
Back in February, lawmakers passed Nigeria’s 2025 national budget, totaling ₦54.99 trillion—nearly double the ₦27.5 trillion allocated in 2024.
President Bola Tinubu originally proposed ₦49.7 trillion, later revised it to ₦54.2 trillion, and the National Assembly ultimately approved ₦54.99 trillion.
Key components of the 2025 budget include:
- Total Expenditure: ₦54.99 trillion
- Statutory Transfers: ₦3.65 trillion
- Recurrent (Non-Debt) Spending: ₦13.64 trillion
- Capital Expenditure: ₦23.96 trillion
- Debt Servicing: ₦14.32 trillion
- Deficit-to-GDP Ratio: 1.52%
