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, 2025, to December 31, 2025.

This decision was made to ensure that capital projects outlined in the 2024 Appropriation Act are fully executed, allowing the federal government additional time to complete ongoing developments across the country.

The approval came during Tuesday’s plenary session, where a bill to amend the Appropriation Act was swiftly passed after its introduction. The bill, sponsored by Senator Solomon Adeola, who represents Ogun West and chairs the Senate Committee on Appropriations, was taken through its first, second, and third readings in a single sitting following the suspension of Senate rules. Senator Adeola stressed that the extension was essential to prevent key national projects from being abandoned due to time constraints. He emphasized that completing these projects would deliver better value for money and improve public service delivery.

This latest move marks the second time the 2024 budget’s capital implementation deadline has been adjusted within a year. The initial extension occurred in December 2024, when the National Assembly approved President Bola Tinubu’s request to extend the implementation period from December 31, 2024, to June 30, 2025. The extension was announced by Senate President Godswill Akpabio during a joint session of the National Assembly where President Tinubu presented the 2025 budget proposal.

At that session, Akpabio urged all Ministries, Departments, and Agencies to play active roles in defending their budgets and warned that the National Assembly would take action against agencies that failed to participate or caused delays. The extension granted in December was aimed at enhancing capital spending efficiency and ensuring the timely completion of vital infrastructure initiatives.

With the June deadline approaching and many capital projects still incomplete, the Senate has now opted for an additional six-month extension. The lawmakers agreed that more time was needed to ensure thorough implementation of the budget’s capital provisions.

The January-to-December budget cycle, a hallmark of Nigeria’s efforts to enforce fiscal discipline, was first introduced during the tenure of the 9th National Assembly. Before that, from 2000 to 2015, national budgets were often presented and passed inconsistently under former Presidents Olusegun Obasanjo, Umaru Musa Yar’Adua, and Goodluck Jonathan.

The initial extension of the 2024 budget’s implementation timeline in December 2024 was also influenced by delays resulting from the legislature’s focus on major reforms, including the consideration of several tax-related bills proposed by President Tinubu.