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President Bola Ahmed Tinubu has asked the National Assembly to consider and pass a new N43.56 trillion Appropriation (Repeal and Re-enactment) Bill for the 2024-2025 fiscal period.

The move is aimed at ending the practice of running multiple budgets concurrently and strengthening accountability in public finance management.

In a letter transmitted to both chambers of the legislature, the President explained that the proposed legislation would reset the federal budgeting framework by harmonising appropriations for the two fiscal years and consolidating emergency expenditures undertaken in the national interest.

According to him, the harmonisation would also ensure the delivery of what he described as “unprecedentedly high” capital performance across the 2024 and 2025 budget cycles.

The request comes on the eve of the President’s scheduled presentation of the 2026 Appropriation Bill to a joint session of the National Assembly.

A breakdown of the harmonised 2024-2025 proposal underscores the administration’s focus on infrastructure development and growth-enhancing investments.

The Bill seeks authorisation to draw N43.561 trillion from the Consolidated Revenue Fund of the Federation.

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This comprises N1.74 trillion for statutory transfers, N8.27 trillion for debt service, N11.27 trillion for recurrent non-debt expenditure, and N22.28 trillion for capital expenditure and development fund contributions.

President Tinubu said the reworked budget framework would ensure an orderly and constitutionally grounded consolidation of critical, time-sensitive expenditures already undertaken in response to emergency exigencies, including those related to national security and citizens’ welfare.

He noted that the approach balances responsiveness with fiscal discipline, while closing loopholes that have historically undermined effective budget implementation.

The President also highlighted far-reaching safeguards embedded in the Bill to tighten spending controls.

These include strict application of released funds to purposes specified in the budget schedules, limits on virement without prior approval of the National Assembly, and clearly defined conditions for corrigenda where genuine errors threaten implementation.

In addition, the Bill mandates the separate recording of excess revenue and restricts its expenditure strictly to acts or approvals of the National Assembly.

It also reinforces due-process compliance and requires periodic reporting on fund releases, agency revenues and external assistance.

President Tinubu said the measures were designed to deepen transparency, enhance legislative oversight and restore confidence in the federal budget process.

The Senate considered and passed the Bill for second reading after the President’s request was read by Senate President Godswill Akpabio.

The Bill was subsequently referred to the Senate Committee on Appropriation for further legislative work, with a directive to report back to plenary as soon as practicable.

Indications also emerged that the President would present the 2026 Appropriation Bill to a joint sitting of the National Assembly tomorrow.

A formal communication from the Presidency is expected to be read during plenary.

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A separate notice to the National Assembly community, dated December 17, 2025, and signed by the Secretary, Human Resources and Staff Development, Essien Eyo Essien, on behalf of the Clerk to the National Assembly, Kamoru Ogunlana, confirmed that the President is expected to arrive at 2:00 p.m.

The letter, copied to the Clerks of the Senate and House of Representatives, their deputies and heads of departments, outlined security and access arrangements for the day.

It directed all accredited persons to be at their duty posts by 11:00 a.m., noting that access to the National Assembly complex would be restricted thereafter, while non-accredited persons were advised to stay away.

Staff members, except the Clerk, Deputy Clerk, clerks of both chambers and their deputies, were also instructed to park their vehicles at designated areas at the Annexe or the new car park by the National Assembly Service (NASS) Gate.

The annual budget presentation marks the formal transmission of the Federal Government’s fiscal proposals to the legislature for consideration and approval.

Ahead of the presentation, the House of Representatives is expected to pass the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) today.

The document was passed by the Senate on Tuesday following the consideration of a report by its Committees on Finance, presented by the committee chairman, Senator Mohammed Sani Musa.

The 2026–2028 MTEF-FSP approved by the Senate projects a total federal budget size of N54.46 trillion for 2026, comprising retained revenue of N34.33 trillion and new borrowings of N17.88 trillion from domestic and external sources.

Other projections include debt service of N15.52 trillion; pensions, gratuities and retirees’ benefits of N1.376 trillion; a fiscal deficit of N20.13 trillion; capital expenditure of N20.131 trillion; statutory transfers of N3.152 trillion; a sinking fund of N388.54 billion; and recurrent non-debt expenditure of N15.265 trillion.

The Senate approved an oil benchmark of $60 per barrel for the 2026 budget, down from an earlier projection of $64.85 per barrel, while endorsing benchmarks of $65 and $70 per barrel for 2027 and 2028, respectively.

The committee explained that the conservative adjustment for 2026 was necessitated by heightened geopolitical tensions in Europe and the Middle East, as well as persistent volatility in the global oil market.

Crude oil production was projected at 1.84 million barrels per day (mbpd) for 2026, rising to 1.88mbpd in 2027 and 1.92mbpd in 2028.

The exchange rate was anchored at N1,512 to the dollar for 2026, with projections of N1,432.15 and N1,383.18 for 2027 and 2028.

Inflation was projected at 16.5 per cent in 2026, 13 per cent in 2027 and nine per cent in 2028, while real GDP growth was estimated at 4.68 per cent, 5.96 per cent and 7.9 per cent over the three years.

Minister of Finance and Coordinating Minister for the Economy, Dr Olawale Edun, said the government’s focus under the MTEF was on strengthening revenue generation rather than increasing borrowing.

“The emphasis is squarely on revenue generation,” Edun said.

Minister of Budget and National Planning, Atiku Bagudu, said the MTEF-FSP was developed through extensive consultations with government agencies, the private sector, civil society and development partners.

He urged revenue-generating agencies to improve performance.