President Bola Tinubu has urged the Senate to approve the Appropriation Repeal and Re-enactment Bill II of 2024.
The president’s request was conveyed in a letter addressed to President of the Senate, Godswill Akpabio, and read at plenary on Wednesday.
Tinubu said that the request was in line with established constitutional and legislative appropriation processes.
He said that the proposal sought the authorisation for the issuance of N43.5 trillion from the consolidated revenue fund of the federation for the year ending, Dec 31.
The president said that the sum comprised N1 trillion for statutory transfers; N8.2 trillion for debt services; N11.2 trillion for recurrent non-debt expenditure and N22.2 trillion for capital expenditure and development fund contribution.
He said that the bill was designed to end the practice of running multiple budgets, while ensuring high capital performance rates for the 2024 and 2025 capital budgets.
Tinubu said that the proposal provided a transparent and constitutionally-grounded appropriation mechanism.
This, he said, was for the orderly consolidation of critical and time-sensitive expenditures undertaken in response to emergency exigencies.
Tinubu stated that the bill would advance the collective well-being of Nigerians, safeguard national security, reinforce fiscal discipline, accountability and broader public financial management.
He said that the bill would also strengthen implementation discipline and accountability.
“The bill will ensure that appropriated funds are released and applied strictly for purposes specified in the schedules, ” Tinubu said.
He said that the proposal which provides that virement could only be effected with prior approval of the national assembly,
sets out conditions for corrigenda where genuine errors might hinder implementation.
The president said the bill would ensure separate recording of excess revenue, while limiting its expenditure to act or approval of the national assembly.
He said that it mandated due process compliance and periodic reporting on fund releases and revenue of MDAs.
Tinubu urged the senate to consider expeditious passage of the bill.(NAN)
