Senate Extends 2024 Capital Budget Implementation to December 2025

The Nigerian Senate has approved a second extension for the implementation of the capital component of the 2024 national budget, shifting the deadline from June 30 to December 31, 2025. This move, passed during plenary on Monday, is aimed at allowing for the completion of ongoing projects and preventing the waste of public funds.

The Senate's decision follows a bill sponsored by Senator Solomon Adeola (APC, Ogun West), Chairman of the Senate Committee on Appropriations. Adeola explained that the extension was necessary because several ministries, departments, and agencies (MDAs) were unable to fully utilize their capital allocations due to delays in fund release and procurement bottlenecks.

“This extension is to ensure that the capital projects already started under the 2024 Appropriation Act are not abandoned due to time constraints,” Adeola told fellow lawmakers.

Deputy Senate President Barau Jibrin, who presided over the session, read the report from the Committee of Supply and announced the extension’s approval following a voice vote.

This marks the second time the 2024 capital budget implementation timeline has been extended. The first shift moved the deadline from December 31, 2024, to June 30, 2025, following a request by President Bola Tinubu. With this latest extension, the government is now concurrently implementing the 2024 and 2025 budgets.

Analysts have raised concerns over the implications of the overlapping budgets. Some fear it could blur fiscal accountability, complicate project tracking, and reflect poorly on the government’s budget implementation capacity.

Critics also warned that repeated extensions risk turning budget cycles into rolling plans with little impact on long-term development.

However, Senator Adeola argued that the extension would ultimately serve the public interest by ensuring that taxpayer money is not wasted on abandoned or incomplete projects.

“The funds already released must be judiciously used, and the only way to do that is to allow sufficient time for the projects to be completed,” he said.

The Senate urged all MDAs to intensify efforts to execute their capital projects promptly and efficiently within the new timeframe.

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