The Federal Government recorded an 85 per cent performance in capital expenditure for the 2024 fiscal year following the extension of the budget implementation period, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said.
Edun disclosed this on Thursday at the 2026 Macroeconomic Outlook event organised by the Nigerian Economic Summit Group in Lagos.
He explained that the extension of the 2024 budget by the National Assembly allowed for the completion of ongoing projects, leading to improved execution levels. According to him, the budget, being a law of the National Assembly, was extended for the full year to ensure effective project delivery.
“In terms of the capital budget, the budget, at the end of the day, is a law of the National Assembly. They extended the 2024 budget for the full year to ensure that projects were completed. In aggregate, capital expenditure in 2024 reached 85 per cent performance,” Edun said.
The National Assembly had extended the 2024 budget implementation deadline to December 2025, citing ongoing projects and funding constraints. The decision, however, drew criticism from a coalition of civil society organisations under the Nigerian Civil Society Economy Action, which accused the Federal Government of constitutional breaches and fiscal illegality following the passage of revised 2024 and 2025 budgets in December.
Edun acknowledged that capital expenditure in 2025 would be lower, noting that the government opted to prioritise the completion of existing projects rather than initiating new ones. He stressed that despite fiscal pressures, the government met all statutory obligations, including foreign and domestic debt servicing as well as salary payments.
“Despite these fiscal challenges, all the statutory obligations, foreign debt service, domestic debt service and salaries were met by the government,” he said.
The minister described the capital expenditure outcome as part of broader fiscal reforms anchored on discipline, transparency and improved management. He said Nigeria’s fiscal position had shown resilience and marked improvement as a result of these reforms.
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Edun noted that capital spending remains critical to addressing food prices, reducing the cost of capital, expanding mortgage lending, boosting electricity supply and accelerating road construction.
He added that Nigeria had transitioned from crisis management to a phase of stabilisation and consolidation, stressing that sustained reforms were required to translate stability into long-term economic growth.
Looking ahead, Edun said the 2026 budget, tagged “Budget of Consolidation, Renewed Resilience, and Shared Prosperity,” was designed to convert fiscal stability into tangible benefits for Nigerians.
“We cannot overemphasise that it is not the metrics, it’s not the percentages; it is the experience and the improvement in the lives of everyday Nigerians,” he said.
He reaffirmed the Federal Government’s commitment to sustained capital spending and economic reforms, with a focus on inclusive and job-rich growth.