The Senate has again extended the implementation of the capital component of the 2024 budget to December 31, 2025 during the plenary on Tuesday, following the amendment of the appropriation bill requesting an extension.
The Deputy Senate President, Barau Jibrin, who presided over the plenary, said the deadlined had been extended after its first, second and third reading expeditious passage.
The appropriation bill was considered at The Senate Committee on Supply considered the appropriation bill.
Chairman of the Senate Committee on Appropriation, Olamilekan Adeola, who led the debate during the plenary said the extension was to allow the Federal Government to complete ongoing projects captured in the budgets.
He said the FG does not have enough resources to capture the expenditures proposed in the budget and urged his colleagues to support the extension of the 2024 budget to avoid abandoned projects of the federal government in different parts of the country.
The capital component of the 2024 budget was initially moved from December 31, 2024 to June 30, 2025, following a request by President Bola Tinubu.
Tinubu said he needs the extension to complete ongoing capital projects and optimise budgetary allocations. That extension was granted after extensive debate and consideration by both chambers of the National Assembly.
However, with the June 30, 2025 deadline approaching, several critical projects funded under the 2024 budget had not been completed, prompting the fresh extension.
Following the new deadline of December 31, 2025, Nigeria is now operating two budgets within a single fiscal year: the 2024 budget, which is still being implemented and the 2025 budget, which has already been passed and is currently in force.
Umoru Faruk Salifu
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