The House of Representatives has passed for second reading a bill to extend the capital component implementation of the 2024 budget from June 30 to December 31, 2025.
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),” was presented by Deputy Majority Leader, Ibrahim Halims, during Tuesday’s plenary.
Speaker, Tajudeen Abbas, said the extension was necessary because the 2024 budget has not been fully implemented.
The bill was passed through voice vote and referred to the Committee on Supply for further action.
In February, the House of Representatives passed Nigeria’s 2025 national budget, pegged at ₦54.99 trillion, a 99.96% increase from the 2024 budget of ₦27.5 trillion.
President Bola Tinubu had initially proposed ₦49.7 trillion, later adjusting it to ₦54.2 trillion.
The National Assembly eventually approved ₦54.99 trillion.
The key breakdown of the 2025 budget is as follows: Total Expenditure: ₦54.99 trillion; Statutory Transfers: ₦3.65 trillion; Recurrent (Non-Debt) Expenditure: ₦13.64 trillion; Capital Expenditure: ₦23.96 trillion; Debt Servicing: ₦14.32 trillion; Deficit-to-GDP Ratio: 1.52%.https://punchng.com/nassembly-approves-record-n54-99tn-budget-for-2025/
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