2024 Appropriation Act (Amendment) Bill, 2025 (SB. 854) Budget of Renewed Hope (Revised)

Verification note

This entry describes a bill. Its legislative stage and assent have not been independently verified. The imported explanation below is under review.

What Is This Policy?

The 2024 Appropriation Act (Amendment) Bill, 2025 (SB. 854) is Nigeria's legislative instrument to revise and extend the Federal Government's spending framework for the 2024 fiscal year. First introduced for First Reading on June 24, 2025 by Senator Olamilekan Adeola Solomon (Ogun West) and Chairman of the Senate Committee on Appropriations, the Bill was prompted by persistent underfunding of capital projects, the introduction of a new national minimum wage, and the need to finance the Federal Government's Renewed Hope Infrastructure Projects. The Bill ultimately culminated in the Appropriation Act (Repeal and Re-enactment) Bill, which repealed the original ₦35.005 trillion 2024 Appropriation Act and re-enacted it with a revised total expenditure of ₦43.561 trillion.

Who Does It Target?

Federal Ministries, Departments and Agencies (MDAs) responsible for implementing capital and recurrent budgets Infrastructure development beneficiaries under the Renewed Hope Infrastructure Projects nationwide Workers and civil servants benefiting from the new National Minimum Wage provisions State governments and local communities with ongoing federal capital projects Private sector contractors and service providers engaged in federally funded projects International and domestic creditors receiving statutory debt service allocations

What Does It Aim to Achieve?

Increase the 2024 aggregate federal expenditure from ₦35.005 trillion to ₦43.561 trillion to reflect actual fiscal requirements Provide government equity for the Renewed Hope Infrastructure Projects spanning roads, power, housing, and healthcare Fund the recurrent cost implications of the newly enacted National Minimum Wage Finance additional expenditure using the one-time windfall tax on banks' foreign exchange profits for 2023 Extend the capital budget implementation deadline to December 31, 2025, ensuring ongoing projects are not abandoned Restore fiscal discipline by eliminating overlapping budget cycles and aligning expenditure with actual execution capacity Establish a 30% realistic capital implementation benchmark in line with Nigeria's revenue and execution constraints

Key Features

Repeal & Re-enactment: The original 2024 Appropriation Act of ₦35.005 trillion was fully repealed and replaced with a revised ₦43.561 trillion framework to accommodate new spending requirements Capital Expenditure Priority: Capital expenditure represents ₦22.27 trillion — the largest component — directed at infrastructure, development fund contributions, and Renewed Hope Projects Windfall Tax Financing: Additional expenditure financed by a one-time windfall levy on commercial banks' 2023 foreign exchange revaluation profits, as separately approved by the National Assembly Minimum Wage Provision: Recurrent (non-debt) expenditure raised to ₦11.26 trillion to accommodate the salary implications of the new National Minimum Wage across the Federal Civil Service Implementation Deadline Extension: Second extension of the 2024 capital budget implementation to December 31, 2025, following an earlier extension from December 31, 2024, to June 30, 2025 Accountability Provisions: MDAs mandated to submit quarterly reports to the National Assembly on internally generated revenue, grants, and foreign assistance received Fund Release Controls: Accountant-General of the Federation authorised to disburse funds only via Ministerial warrants; quarterly releases prohibited from deferral without express legislative waiver Error Correction Mechanism: National Assembly empowered to issue corrigenda correcting errors in project costing or MDA assignments without altering the total appropriated sum

Current Status

Under consideration by the National Assembly. The 2024 Appropriation Act Amendment Bill, 2025 (SB.) is at the legislative review stage.

Legal Framework

Constitution of the Federal Republic of Nigeria 1999 (Sections 80–84); Fiscal Responsibility Act 2007; Appropriation Act 2024 (principal Act); Finance Act 2024