In a bid to ensure the continuity of key national projects, the Nigerian Senate has granted a second extension to the capital component of the 2024 Budget, moving its expiration date to December 31, 2025.
The extension was announced by Deputy Senate President, Senator Barau Jibrin, during Tuesday’s plenary session, after the bill rapidly scaled through the first, second, and third readings.
Senator Adeola Olamilekan, Chairman of the Senate Committee on Appropriations, led the discussion, citing Nigeria’s financial limitations and the vast number of unfinished federal projects as reasons for the time extension. He warned, “Without this extension, we risk abandoning critical infrastructure initiatives across the country.”
He further stressed that the federal government currently lacks the financial capacity to fund all capital projects initially proposed for 2024.
This is the second adjustment to the capital implementation timeline, following President Bola Tinubu’s earlier approved request to shift the deadline from December 31, 2024, to June 30, 2025. At the time, President Tinubu emphasized the importance of optimizing budget allocations and avoiding project disruptions.
However, the move has not gone without criticism. Some lawmakers questioned the rationale behind the extension, pointing to the federal government’s alleged failure to release funds for capital projects. They argued that despite fiscal reforms—such as the elimination of fuel subsidies and the introduction of new tax policies—resources reportedly made available have not translated into project execution.
The legislators demanded clarity on whether federal funds have been exhausted and called for an investigation into the delay or non-release of funds earmarked for vital infrastructure and social programs.
Despite concerns, the Senate unanimously approved the bill titled ‘A Bill for an Act to Amend the 2024 Appropriation Act to Further Extend the Capital Component of the Act from the 30th of June, 2025 to 31st December 2025’ in a single legislative sitting.
What you should know
The Nigerian Senate has extended the capital implementation window of the 2024 budget to the end of 2025, citing funding challenges and project delays. While the move aims to avoid abandoning major infrastructure work, lawmakers have expressed growing concern over unaccounted funds and stalled development efforts.
