The Federal Government of Nigeria has announced that about 80 percent of the 2024 budget has been executed, with critical infrastructure and development projects still ongoing across the country.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this update on Wednesday during a meeting with the House of Representatives Committee on Appropriation, led by Hon. Abubakar Bichi.
Accompanied by Minister of Budget and Economic Planning, Senator Atiku Bagudu, Director-General of the Budget Office, Tanimu Yakubu, and Accountant-General of the Federation, Shamsedeen Ogunjimi, Edun explained that the National Assembly extended the implementation period of the 2024 budget until December 2024. As a result, budget execution remains active and continues to progress.
“As is customary, we reviewed the budget performance and noted that overall, the implementation rate is around 80 percent. Since the 2024 budget execution period was extended by the National Assembly until December, it remains a work in progress,” Edun said.
He added that the government is prioritizing grassroots projects such as irrigation and other critical infrastructure, ensuring these initiatives receive adequate resources and attention as part of ongoing budget execution.
Addressing concerns over additional government spending, Minister Edun clarified that there have been no discussions regarding a supplementary budget for 2025.
Senator Atiku Bagudu commended the cooperative relationship between the Federal Government and the National Assembly, emphasizing lawmakers’ continued support for President Bola Tinubu’s reform agenda, particularly tax reforms that are beginning to yield positive results.
Committee Chairman Hon. Abubakar Bichi described the engagement as productive, underscoring the commitment of lawmakers to ensure Nigerians experience the benefits of the budget’s implementation.
“Although there are concerns about the pace of budget execution, the ministers have assured us that more progress will be made in the coming months. No supplementary budget was discussed; the focus remains on accelerating the 2024–2025 Appropriation Act execution so Nigerians can witness tangible improvements before the end of the year,” Bichi concluded.
