The Home of Representatives says the repeal and re-enactment of the 2024 and 2025 Appropriation Acts goal to spice up transparency, accountability, and ease funds implementation.
Deputy Spokesperson Rep. Philip Agbese mentioned this at a Friday information convention in Abuja, noting it aligns Nigeria’s budgeting with world finest practices.
That is coming after President Bola Tinubu, final week, requested the Home of Representatives to repeal and re-enact the 2024 and 2025 budgets and lengthen the 2025 funds to 31 March 2026.
What they’re saying
Agbese defined that the choice to re-enact the budgets addresses the problem of working a number of budgets, which has traditionally led to fiscal confusion, inefficient allocation of sources, and poor mission outcomes.
In keeping with Agbese, the legislative motion will streamline fiscal processes, cut back oversight burdens throughout funds execution, and set up a extra predictable funding construction for presidency initiatives. He emphasised that the re-enactment units the stage for a single nationwide funds cycle beginning after March 31, 2026, which is vital for seamless execution by the manager arm.
The lawmaker additionally recommended the Home Committee on Appropriations, led by Rep. Abubakar Bichi, for its immediate and diligent work in processing the re-enactment invoice transmitted by President Bola Tinubu, guaranteeing its passage earlier than lawmakers proceeded on their vacation recess.
“Mainly, it is to align the nation’s budgetting system with world and worldwide finest practices. It is usually to make sure transparency and accountability in any respect ranges and to minimize the burden of oversight throughout implementation,” he mentioned.
The lawmaker mentioned that the choice would additionally pave the best way for a single nationwide funds cycle after March 31, 2026, a transfer he described as vital to seamless execution by the manager arm.
He recommended the Rep. Abubakar Bichi-led Home Committee on Appropriations for its diligent and immediate work on the re-enactment invoice transmitted to the home by President Tinubu.
He mentioned that the committee’s promptness paved the best way for the eventual consideration and passage of the invoice earlier than the lawmakers proceeded on their Christmas and New 12 months holidays.
“By adopting a single funds after March 31, 2026, the manager will be capable to execute the funds with out a lot trouble. When there’s a single funding system, it turns into simpler to handle money move and guarantee well timed releases,” he mentioned.
“So we’re terminating the behavior of working by way of a funds on one influx. By March 31, 2026, all capital liabilities from earlier years might be totally funded and closed. No overlaps, no excuses and no rollover cultures,” he mentioned.
Backstory
The Home of Representatives on Tuesday authorised President Tinubu’s request by extending the implementation of the capital part of the 2025 Appropriation Act to thirty first March, 2026.
This adopted the passage of the 2024 and 2025 Appropriation (repeal and re-enactment) invoice, transmitted by the President final week for approval.
Tinubu had, within the cowl letter transmitted to the Speaker, solicited the Home’s approval to allow the complete launch of capital implementation funds to all ministries, departments, and businesses (MDAs).
Earlier, the federal authorities directed Ministries, Departments and Businesses (MDAs) to hold over 70% of their authorised 2025 capital allocations to 2026.