Nigeria’s federal government achieved an 85 percent execution rate for capital expenditure in the 2024 fiscal year following an extension of the budget implementation period, Finance Minister Wale Edun said Thursday.
Speaking at the 2026 Macroeconomic Outlook event organised by the Nigerian Economic Summit Group in Lagos, Edun said the National Assembly’s decision to extend the 2024 budget to December 2025 allowed ongoing projects to be completed.
“In terms of the capital budget, the law of the National Assembly was extended to ensure projects were finalised,” Edun said. “In aggregate, capital expenditure in 2024 reached 85 percent performance.”
The extension was intended to allow the completion of infrastructure and other development projects amid funding constraints. Critics, including a coalition of civil society organisations under the Nigerian Civil Society Economy Action, raised concerns over potential constitutional breaches and alleged fiscal irregularities, following the passage of revised 2024 and 2025 budgets in December.
Edun acknowledged that capital expenditure in 2025 would be lower, explaining that the government focused on completing existing projects rather than initiating new ones. “Despite these fiscal challenges, all statutory obligations, including foreign and domestic debt service and salaries, were met,” he said.
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The minister described the 2024 capital spending outcome as part of a broader fiscal effort emphasising discipline, transparency, and effective management. He said capital expenditure remains critical to improving essential services and economic infrastructure, including food security, mortgage lending, electricity supply, and road construction.
“Nigeria’s fiscal position demonstrated resilience and marked improvement, reflecting discipline, management, and transparency-focused reforms,” Edun said. He noted that the government has moved from crisis management to a phase of stabilisation and consolidation, stressing that sustained reforms are needed to convert fiscal stability into long-term growth.
Looking ahead, Edun highlighted the 2026 budget, titled Budget of Consolidation, Renewed Resilience, and Shared Prosperity, which aims to translate fiscal stability into tangible improvements in the lives of 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.
The minister said that the government remains committed to sustained capital spending and economic reforms, with a focus on inclusive growth, job creation, and improved service delivery. He added that high capital spending is essential for maintaining macroeconomic stability, attracting private investment, and accelerating development across multiple sectors of the economy.
Observers note that the strong execution of capital budgets can have wide-ranging impacts on Nigeria’s economy, particularly in infrastructure development, energy provision, and social services. Edun’s comments underline the government’s priority on completing ongoing projects while maintaining fiscal discipline to prevent debt accumulation and inflationary pressures.
The extension of the 2024 budget, while controversial, has allowed Nigeria to achieve higher levels of capital investment than initially expected, reinforcing government commitments to infrastructure-led growth and economic consolidation.
As Nigeria moves into 2026, officials say they aim to maintain momentum in capital spending while ensuring that projects deliver measurable benefits to citizens, particularly in housing, transportation, energy, and social services. The government’s stated goal is to translate macroeconomic stability into tangible improvements in livelihoods and inclusive economic development.
