Breaking: Senate Extends 2024 Budget Implementation to December 31

*Lawmakers cite need to complete critical projects

*Nigeria now operating two parallel budgets

Sunday Aborisade in Abuja

The Senate has approved a fresh extension of the capital component of the 2024 national budget, shifting its implementation deadline to December 31, 2025.

The decision was reached during plenary on Tuesday following the presentation and swift passage of an amendment bill to the Appropriation Act.

The legislation, read and passed through first, second, and third readings in a single sitting, received overwhelming support from lawmakers.

Deputy Senate President, Senator Barau Jibrin, announced the resolution following the adoption of the report by the Senate Committee on Supply.

The debate was led by the Chairman of the Senate Committee on Appropriation, Senator Solomon Adeola (APC, Ogun West), who defended the need for the extension.

According to Adeola, the additional time is necessary to enable the Federal Government to complete several ongoing projects captured under the 2024 budget.

He also cited revenue constraints, noting that limited fiscal resources had delayed execution of various capital projects.

“We must not allow these important national projects to be abandoned due to time constraints. Extending the implementation period will ensure value for money and improved service delivery,” Adeola argued.

This marks the second time the National Assembly has extended the 2024 capital budget implementation.

The first extension came in December 2024 following a formal request from President Bola Tinubu, who sought to push the deadline from December 31, 2024, to June 30, 2025.

That extension was intended to optimise the use of allocated funds and enable the completion of critical infrastructure initiatives.

However, with the June deadline now imminent and many key projects still unfinished, lawmakers opted for a further six-month extension.

This development means Nigeria will continue to operate two national budgets concurrently, the extended 2024 budget, and the 2025 budget, which had already been passed and is currently in effect.

While critics argue that repeated extensions reflect weak execution capacity within Ministries, Departments, and Agencies (MDAs), proponents insist the move is pragmatic and ensures continuity in governance.

Details shortly.