The House of Representatives has advanced a legislative proposal to extend the implementation period for the capital component of the 2024 national budget.
The bill, which seeks to shift the capital expenditure deadline from June 30 to December 31, 2025, was passed for second reading during plenary on Tuesday.
The legislation, titled “A Bill for an Act to Amend the 2024 Appropriation Act to Further Extend the Capital Components of the Act From 30th June 2025 to 31st December 2025 and for Related Matters (HB.2404),” was sponsored by the Deputy Majority Leader, Hon. Ibrahim Halims.
While speaking on the floor of the House, Speaker Hon. Tajudeen Abbas underscored the need for the extension, citing the slow pace of the 2024 budget’s implementation.
He pointed out that a significant portion of the capital projects approved under the current fiscal plan has yet to be executed, thus necessitating additional time to ensure completion and value for public funds.
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The bill was unanimously adopted through a voice vote and subsequently referred to the House Committee on Supply for detailed consideration and further legislative processing.
This development comes amid broader discussions on Nigeria’s fiscal trajectory. In February, the National Assembly approved the 2025 national budget, which was significantly higher than previous years. The approved total stood at ₦54.99 trillion, nearly double the ₦27.5 trillion allocation approved for the 2024 fiscal year—reflecting a 99.96% increase.
President Bola Ahmed Tinubu initially submitted a budget proposal of ₦49.7 trillion, which was later revised upward to ₦54.2 trillion. The National Assembly made final adjustments and passed the budget at ₦54.99 trillion.
A detailed breakdown of the 2025 budget includes:
Total Expenditure: ₦54.99 trillion
Statutory Transfers: ₦3.65 trillion
Recurrent (Non-Debt) Expenditure: ₦13.64 trillion
Capital Expenditure: ₦23.96 trillion
Debt Servicing: ₦14.32 trillion
Deficit-to-GDP Ratio: 1.52%
The proposed extension of the 2024 budget’s capital implementation timeline is expected to provide ministries, departments, and agencies (MDAs) with the necessary flexibility to complete ongoing projects.
It also ensures smoother alignment with the expanded fiscal objectives outlined in the 2025 national budget, promoting continuity in public investment and infrastructure development.