The Federal Government is poised to further extend the lifespan of the capital vote component in the 2024 national budget, with the aim of ensuring its full execution.
This initiative is aimed at ensuring comprehensive implementation of the budget, especially in light of the limited progress made so far.
Senate Majority Leader and Vice Chairman of the Constitution Review Committee, Senator Opeyemi Bamidele disclosed this development during a briefing on Tuesday. He emphasized the importance of reassessing the current stage of the budget’s implementation and expressed the need to prolong the duration allocated for capital spending to enable more impactful results.
“We must convene to assess the extent of implementation of the 2024 budget. It is necessary to further extend the timeline for capital expenditure while simultaneously preparing to ensure full execution of the 2025 budget,” he stated.
Prior to the approval of the 2024 Appropriation Bill, the National Assembly had extended the timeline for implementing the capital component of the previous budget to June 30, 2024. However, despite this initial extension, the government has only been able to partially implement the allocated capital expenditures.
This underperformance appears to be a key reason for considering another extension. The first extension was formalized on December 18, 2023, granting an additional six months for capital project execution.
Senate President Godswill Akpabio, while addressing the National Assembly during the presentation of the 2025 Appropriation Bill by President Bola Ahmed Tinubu, acknowledged the current status of budget implementation. He revealed that the 2024 budget had reached 50 percent implementation in capital expenditure and 48 percent in recurrent expenditure. Akpabio remarked:
“Your Excellency, we have taken note of the 2024 Budget performance. In light of this significant progress, we have found it necessary to extend the life span of the 2024 Budget to June 30th, 2025. A bill to enable this extension will soon be presented to you for assent, in recognition of your administration’s achievements and to build upon the momentum you have established.”
In a related development, Senator Bamidele, through a statement issued by his media adviser, Gboyega Akinsanmi, announced plans to introduce a bill that would institutionalize a presidential address on June 12 annually. The date, which has been designated as Democracy Day, holds historical importance in Nigeria’s democratic journey.
“We are working towards presenting a bill that mandates the President to address the nation on June 12 each year, given its symbolic value. It is the most appropriate occasion for such an address, especially as it would occur during a joint session of the National Assembly,” Bamidele explained.
President Tinubu is scheduled to deliver an address to a joint session of the National Assembly on June 12, 2025.
Further, Bamidele indicated that the proposed legislation would seek to make the National Assembly Complex the official venue for all future presidential inaugurations. He stated:
“We aim to enshrine in law that the swearing-in ceremony for the next President and Commander-in-Chief—whom we believe will be President Tinubu—should take place within the National Assembly Arcade.”
June 12 commemorates the 1993 presidential election, which was widely regarded as the freest and fairest in Nigeria’s history. The election, won by Chief Moshood Abiola, was subsequently annulled by then Military President Ibrahim Babangida.
In 2018, former President Muhammadu Buhari officially designated June 12 as Democracy Day, replacing the previous date of May 29, which had marked the return to democratic rule in 1999.
Senator Bamidele provided updates on the ongoing constitutional amendment process. He acknowledged that while progress has been slower than anticipated, substantial groundwork has already been laid.
“We have completed approximately 70 percent of the work on the constitution review,” Bamidele confirmed. “We are approaching the final phase, and zonal public hearings will soon be held to engage citizens. These will culminate in a joint public hearing coordinated by both chambers of the National Assembly.”
He expressed optimism that the process would be concluded before the end of the third legislative year, bringing significant constitutional reforms closer to reality.