BREAKING: House Approves N54.99 Trillion Budget for 2025

Chairman of the Appropriations Committee, Rep. Abubakar Kabir Abubakar, presented the committee’s report for the House’s consideration, leading to its adoption.

He said: “That the House do consider the Report of the Committee on Appropriations  a Bill for an Act to authorise the issue from the Consolidated Revenue Fund of the Federation the total sum of N54,990,1 65,355, 396 (Fifty-Four Trillion, Nine Hundred and Ninety Billion One Hundred and Sixty-Five Million, Three Hundred and Fifty-Five Thousand, Three Hundred and Ninety-Six Naira) only, of which N3,645,761,358,925 (Three Trillion, Six Hundred and Forty-Five Billion, Seven Hundred and Sixty-One Million, Three Hundred and Fifty-Eight Thousand, Nine Hundred and Twenty-Five Naira) only is for Statutory Transfers N14,317.142,689,548 (Fourteen Trillion, Three Hundred and Seventeen Billion, One Hundred and Forty-Two Million, Six Hundred and Eighty-Nine Thousand, Five Hundred and Forty-Eight Naira) only is for Debt Service, N13,064,009,682,673 (Thirteen Trillion, Sixty-Four Billion, Nine Million, Six Hundred and Eighty-Two Thousand, Six Hundred and Seventy-Three Naira) only is for Recurrent (Non-Debt) Expenditure while the sum of N23,963, 251,624,250 (Twenty-Three Trillion, Nine Hundred and Sixty-Three Billion, Two Hundred and Fifty-One Million, Six Hundred and Twenty-Four Thousand, Two Hundred and Fifty Naira) only is for contribution to the |Development Fund for Capital Expenditure for the year ending on the 31 December, 2025 (HB. 2021) and approve recommendations therein”.

“BE IT ENACTED by the National Assembly of the Federal Republic of Nigeria as follows: –

1. Issue and appropriation of =N=54,990,165,355,396 from the Consolidated Revenue Fund of the Federation for 2025.

(i)  The Accountant-General of the Federation shall, when authorised to do so by Warrants signed by the Minister charged with responsibility for finance, pay out of the Consolidated Revenue Fund of the Federation during the year ending on the 31st day of December 2025, the sums specified by the warrants, not exceeding in the aggregate =N=54,990,165,355,396 (Fifty-Four Trillion, Nine Hundred and Ninety Billion, One Hundred and Sixty-Five Million, Three Hundred and Fifty-Five Thousand, Three Hundred and Ninety-Six Naira)only,  for the year ending on the 31st day of December, 2025.

First Schedule

(ii)    The amount mentioned in subsection (1) of this section shall be appropriated to heads of expenditure as indicated in the Schedule to this Bill

(iii)    No part of the amount aforesaid shall be released from the Consolidated Revenue Fund of the Federation after the end of the year mentioned in subsection (1) of this section.

“2. Release of funds from the Consolidated Revenue All amounts appropriated under this Bill shall be released from the Consolidated Revenue Fund of the Federation only for the purpose specified in the Schedule to this Bill.

“3. Virement In the event that the implementation of any of the projects intended to be undertaken under this Bill cannot be completed without virement, such virement shall only be effected with the prior approval of the National Assembly.

“4. Corrigendum: Any error in the schedule to this Bill that may hinder the implementation of projects and programs in Ministries, Departments and Agencies may be corrected through a corrigendum issued by the National Assembly: in any of the following circumstances:

(a) If the total sum of the project or program is not affected;

(b) Where the projects or programs are domiciled in Ministries, Departments and Agencies that lack jurisdiction to execute such projects;

(c) Where the execution of projects or programs by Ministries, Departments and Agencies are overtaken by event; and         (d) Where projects are wrongly coasted, sited or posted to Ministries, Departments or Agencies

“5. Excess Revenue

(i) The Accountant-General of the Federation shall immediately upon the coming into force of this Bill maintain a separate record for the documentation of Revenue accruing to the Consolidated Revenue Fund in excess of oil price benchmark adopted in this Budget.

(ii) Such revenues as specified in Sub-section (1) of this section refers to Revenues accruing from sales of government crude oil in excess of the approved benchmark price per barrel, the Petroleum Profit Tax and Royalty on Oil and Gas

“6. Authorization

(i) No funds shall be paid out of the monies arising from the record specified in Section 5 (1) except by an Act/approval of the National Assembly.

(ii) The Accountant-General of the Federation shall forward to the National Assembly full details of funds released to the government Agencies immediately such funds are released.

“7. Information on Funds Releases

The Minister of Finance shall ensure that funds appropriated under this Act are released to the appropriate agencies and or organs of government as and when due, provided that no funds for any quarter of the fiscal year shall be deferred without prior waiver from the National Assembly.

“8. Due Process Certification: The department of government charged with the responsibility of certifying that due processes have been complied with in the processing of implementation of projects shall ensure that all processes of approval are completed within the specified period as provided for in the Public Procurement Act.

“9. Information on internally generated revenue, domestic and foreign assistance    All Accounting Officers of Ministries, Parastatals and Departments of Government who control heads of expenditures shall upon the coming into effect of this Bill furnish the National Assembly on quarterly basis with detailed information on-

(a) the Internally Generated Revenue of the agency in any form; and

(b) all foreign and domestic assistance received from any agency, person or organisation in any form.

“10. Power of Nigerian Embassies and Missions  The Missions and Embassies shall constitute their Tender Board as in a Parastatal’s Tenders Board (PTB) within the requisite threshold in compliance with the extant Executive Circular and the Provisions of the Public Procurement Act.

“11. Detailed estimate: The detailed estimates of expenditure are set out in the Second Schedule to this Bill.

“12. Expiry  Constitution, 1999: In line with the provisions of section 318 of the Constitution of the Federal Republic of Nigeria, this Bill expires after 12 months, starting from 1st day of January to 31st day of December, 2025 when asented to.

“Short Title: This Bill may be cited as the Appropriation Bill, 2025”.