Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced that 80 per cent of the capital component of Nigeria’s 2024 budget has so far been released.
Edun disclosed this after a closed-door session with the House of Representatives Committee on Appropriation in Abuja on Wednesday. The session, also attended by the Minister of Budget and National Planning, Abubakar Bagudu, was convened to review the performance of the 2024 budget and examine priorities in the 2025 fiscal year.
The 2024 budget, signed into law by President Bola Ahmed Tinubu on January 1, 2024, earmarked ₦13.19 trillion for capital expenditure.
The Ministry of Works received the highest allocation of ₦892.46 billion, reflecting the administration’s focus on road rehabilitation and infrastructure renewal. In June, the National Assembly extended the lifespan of the budget to December 31, 2025, to enable full implementation.
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Speaking after the session, Edun explained that budget execution was “a work in progress” but stressed that significant progress had been made.
“Overall, implementation is at about 80 per cent. The budget is still running till the end of December, and we are working to ensure grassroots projects, including roads, irrigation, and facilities that directly impact citizens, are adequately prioritised,” he said.
He clarified that discussions at the meeting did not touch on supplementary spending, noting instead that focus was placed on accountability and ensuring the faithful execution of ongoing projects.
Committee Chairman, Abubakar Bichi, said the meeting was necessary amid growing public concerns about budget performance. According to him, lawmakers had been receiving feedback from Nigerians worried about the pace of implementation.
“We engaged with the Ministers of Finance and Budget, and they assured us of their commitment to accelerate delivery. Our members are seriously concerned, and the ministers have promised that before the end of the year, Nigerians will witness visible changes. We will be monitoring closely to ensure results,” Bichi said.
Minister of Budget and National Planning, Abubakar Bagudu, described the deliberations as productive, noting that the Executive and Legislature had enjoyed a cordial working relationship since the start of the Tinubu administration.
He highlighted the National Assembly’s support for key reforms, including tax reforms, which he said were already yielding results.
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“The committee acknowledged the achievements of the Tinubu administration so far, while also identifying areas where improvement is still required. This kind of engagement strengthens the budget process and builds trust with the Nigerian people,” Bagudu stated.
Nigeria’s 2025 budget, pegged at ₦54.99 trillion, has no supplementary provision submitted to parliament yet. Analysts say the government’s ability to meet its fiscal targets this year will depend largely on revenue performance, ongoing reforms, and the efficiency of capital project implementation.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
