2024 Budget: Capital Spending Deadline extended to the end of 2025

The Nigerian Senate has granted a second extension for the capital component of the 2024 national budget, pushing the implementation deadline to December 31, 2025.

The decision was made during plenary on Tuesday, following the swift presentation and unanimous passage of a bill seeking to amend the existing Appropriation Act.

This latest extension is aimed at ensuring the full utilisation of capital allocations, many of which have faced delays due to bureaucratic and logistical challenges. Lawmakers argue that the extension will give ministries, departments, and agencies (MDAs) more time to complete ongoing projects and initiate new ones under the 2024 budget framework.

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While the recurrent component of the budget typically follows a 12-month cycle, the capital portion is often extended to allow for effective project execution. This is the second time the 2024 budget’s capital component has been extended, highlighting persistent execution lags in public infrastructure spending.