By Nathaniel Zaccheaus, Abuja
The Senate on Tuesday approved a fresh extension of the capital component of the 2024 national budget, shifting its implementation deadline from June 30, 2025, to December 31, 2025.
This move marks the second extension of the ₦13.19trn capital expenditure segment of the ₦34trn 2024 budget and is aimed at providing the Federal Government more time to complete ongoing infrastructure projects nationwide.
The decision followed the accelerated passage of a bill to amend the 2024 Appropriation Act, which was debated and passed through first, second, and third readings in a single sitting.
Chairman of the Senate Committee on Appropriation, Senator Solomon Adeola (APC, Ogun West), who led the debate, said the extension was necessary to avoid abandonment of key infrastructure projects and to protect funds already committed.
“Given the tight fiscal space and the challenges in fund disbursement, this extension is crucial for ensuring the continuation of national projects and safeguarding the government’s investments,” Adeola said.
The original 2024 Appropriation Act had allocated ₦9.995trn to capital spending, ₦8.768trn to recurrent expenditure, and ₦1.742trn to statutory transfers, amounting to a total of ₦28.77trn.
A supplementary budget of ₦6.2trn—later sent to the National Assembly by President Bola Tinubu—increased the capital component by ₦3.2trn and recurrent spending by another ₦3trn.
The first extension of the capital budget was granted in late 2024, pushing the deadline from December 31, 2024, to June 30, 2025, at the request of the President.
However, with the new deadline fast approaching and many projects still incomplete, lawmakers said another extension was inevitable.
This latest development means Nigeria will now operate two concurrent budgets—the extended 2024 capital budget and the already approved 2025 budget—just months before the President is expected to present the 2026 proposal.
Lawmakers expressed growing concerns about the pace of capital project execution and delays in funding releases.
Senator Yahaya Abdullahi blamed the centralised payment system overseen by the Office of the Accountant-General, calling it a key obstacle.
“Contractors have completed their jobs but remain unpaid. Ministries are not receiving their allocations. This undermines the credibility of government,” Abdullahi stated.
He called on the Senate leadership to intervene directly with President Tinubu to address the issue.
Also supporting the extension, Senator Abdul Ningi (PDP, Bauchi Central) demanded accountability. “We can’t keep extending without asking questions. The Appropriations Committee must return in two weeks with a full report on the delays,” he said.
Minority Leader Senator Abba Moro (PDP, Benue South) said the delays were discouraging even contractors who could pre-finance government projects.
“The lack of transparency and delays in payments are eroding public trust. Development is suffering,” Moro lamented.
Senator Seriake Dickson (PDP, Bayelsa West) added that the recurrent budget was being fully implemented while the capital budget—critical for infrastructure—was lagging far behind.
“There’s too much focus on political ambitions for 2027 while governance is taking a back seat,” he said.
The Senate has pledged closer monitoring of budget performance in the months ahead.
Lawmakers are also pressing the Executive to enhance transparency, speed up project execution, and restore public confidence in Nigeria’s fiscal management.
