
In a bid to safeguard ongoing federal projects, the Senate has approved a second extension of the capital component of the 2024 Budget, shifting its deadline to December 31, 2025.
Presiding over Tuesday’s plenary session, Deputy Senate President Senator Barau Jibrin announced the extension following the bill's swift passage through first, second, and third readings.
Chairman of the Senate Committee on Appropriations, Senator Adeola Olamilekan, who led the debate, said the extension was necessary due to fiscal limitations and the large number of uncompleted projects nationwide.
“Without this extension, we risk abandoning critical infrastructure initiatives across the country,” Olamilekan warned, noting the government’s current inability to fund all capital projects planned for 2024.
This marks the second adjustment to the capital budget timeline, following President Bola Tinubu’s initial request—granted late last year—which moved the deadline from December 31, 2024, to June 30, 2025. The President had justified that extension as essential to optimise spending and sustain project momentum.
However, some lawmakers voiced frustration over what they described as the federal government’s failure to release funds for capital projects. They questioned why, despite fiscal reforms such as subsidy removal and increased tax revenue, many infrastructure and welfare programmes remained underfunded.
Several senators demanded an investigation into the apparent non-release or mismanagement of funds designated for projects meant to benefit ordinary Nigerians.
Despite the criticism, the Senate unanimously passed the bill titled: *‘A Bill for an Act to Amend the 2024 Appropriation Act to Further Extend the Capital Component of the Act from the 30th of June, 2025 to 31st December, 2025’*, completing the legislative process in a single day.