REPS EXTEND IMPLEMENTATION OF 2024 BUDGET TO DECEMBER 31, 2025.

The House of Representatives has passed a bill for second reading to extend the implementation period of the 2024 budget's capital component, to allow the capital component implementation to continue until December 31, instead of the original deadline of June 30.

The bill, which was presented by the Deputy Majority Leader, Ibrahim Halims, during Tuesday’s plenary, with the Speaker Tajudeen Abbas, stating that the extension is necessary because the 2024 budget has not been fully implemented, was passed through a voice vote and referred to the Committee on Supply for further action.

The House of Representatives recently passed Nigeria's 2025 national budget, pegged at ₦54.99 trillion, and the budget breakdown includes ₦23.96 trillion for capital expenditure, ₦13.64 trillion for recurrent expenditure, and ₦14.32 trillion for debt servicing, while the deficit-to-GDP ratio is projected at 1.52%. 

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