The Nigerian Senate approved a second extension of the 2024 capital budget implementation on Tuesday, pushing the deadline to December 31, 2025, in an unprecedented move that places the country in the rare position of operating two parallel budget cycles.
The upper chamber expedited passage of the amendment bill through all three readings in a single session, with Deputy Senate President Barau Jibrin announcing the resolution after suspending standard procedures. The extension affects the capital component of the ₦13.1 trillion 2024 national budget, originally set to expire June 30, 2025.
Senator Olamilekan Adeola, chairman of the Senate Appropriations Committee and sponsor of the bill, defended the extension as necessary to complete ongoing federal projects across the country12. "Without this extension, we risk abandoning critical infrastructure initiatives," Adeola argued, citing insufficient government resources to cover capital expenditures34.
The Senate also mandated its Committees on Appropriations and Finance to investigate persistent delays in capital fund releases, with a report due within one week1. The extension followed a formal request from President Bola Tinubu, who previously sought the first extension in December 202456.
This marks the second extension of the 2024 budget within one fiscal year. The initial deadline was moved from December 31, 2024, to June 30, 2025, following Tinubu's earlier request to optimize budgetary allocations and ensure project continuity12. The 2024 budget originally totaled ₦28.7 trillion with a capital component of about ₦10 trillion, eventually rising to approximately ₦35 trillion before the ₦54.9 trillion 2025 budget was signed in February3.
Nigeria's budget implementation has historically faced delays, with budgets sometimes approved as late as the third quarter of fiscal years4. The current extensions disrupt the January-December budget cycle introduced in 2020 to enhance budget performance1.
Several senators expressed concern about the government's fiscal management. Former Senate leader Yahaya Abdullahi called the request "embarrassing," stating that "there has never been a time in the history of the National Assembly where the appropriation bill is extended twice in one cycle"1. He warned that "the country is financially bleeding"2.
Senator Abdul Ningi questioned whether Nigeria's finances had been depleted, demanding engagement with the Finance Minister and Accountant-General1. Some lawmakers criticized the government's failure to release capital project funds despite fiscal reforms including fuel subsidy removal3.
"The credibility of this government is getting down," Abdullahi said, demanding the executive explain the situation to Nigerians1.
