A six-month extension has been agreed by the Nigerian Senate to move the deadline for implementing the capital component of the 2024 national budget from June 30 to December 31, 2025.
After a bill to amend the 2024 Appropriations Act was reviewed and approved by the Senate, the resolution was passed at plenary on Tuesday. The amendment bill was expedited, clearing all legislative readings in a single session, and was sponsored by Senator Solomon Adeola (APC, Ogun West), the chairman of the Senate Committee on Appropriations.
The extension will enable the Federal Government to finish important capital projects hampered by income shortages and financial delays, according to Deputy Senate President Jibrin Barau, who made the announcement.
Many infrastructure projects could be shelved if the implementation period was not prolonged, Senator Adeola clarified.
“Time constraints must not be an excuse for the abandonment of these significant national projects. Value for money and better service delivery will be ensured by extending the implementation term, he said.
This is the second extension of the 2024 capital budget implementation. At the request of President Bola Tinubu, the first extension was granted in December 2024, moving the original deadline from December 31, 2024, to June 30, 2025.
With the June deadline drawing near and a number of important projects remaining unfinished, lawmakers decided to grant another extension in order to keep the projects moving forward and avoid wasting public money.
With the most recent extension, Nigeria will now manage two budgets concurrently: the existing 2025 national budget and the extended 2024 capital budget.
While some critics contend that Ministries, Departments, and Agencies’ (MDAs’) poor project execution is evident in the frequent extensions, others see the action as a workable way to guarantee the completion of crucial infrastructure and government continuity.
