The Senate has extended the implementation of the capital component of the 2024 budget until December 31, 2025. This marks the second extension of the budget, following a resolution made during a plenary session on Tuesday. The Deputy Senate President, Barau Jibrin, announced the extension after the appropriation bill was quickly passed through its readings.
Chairman of the Senate Committee on Appropriation, Olamilekan Adeola, led the debate, explaining that the extension is necessary for the federal government to complete ongoing projects outlined in the budget. He highlighted that the government lacks sufficient resources to cover all proposed expenditures.
The initial deadline for the capital component was moved from December 31, 2024, to June 30, 2025, at the request of President Bola Tinubu, who aimed to optimize budgetary allocations and complete critical capital projects. However, as the June deadline approached, it became clear that many projects remained unfinished, prompting the recent extension.
With this new deadline, Nigeria will now operate under two budgets within a single fiscal year: the 2024 budget, which is still being implemented, and the 2025 budget, which is currently in force. Critics of the extension argue that it reflects weak execution capacity within government agencies, while supporters believe it ensures the completion of vital infrastructure projects that might otherwise be abandoned.
