The Federal Government achieved an 85 per cent capital expenditure performance in 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.
Edun said, “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.”
He said this decision resulted in strong execution levels, adding that “in aggregate, capital expenditure in 2024 reached 85 per cent performance.”
The PUNCH reports that the National Assembly extended the 2024 budget implementation deadline to December 2025, citing ongoing projects and insufficient funds.
The move, however, attracted criticism from a coalition of civil society organisations under the Nigerian Civil Society Economy Action, which accused the 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, explaining that the government chose to focus on completing existing projects rather than initiating new ones.
“Despite these fiscal challenges. All the statutory obligations, foreign debt service, domestic debt service, salaries were all met by the government,” he said.
He described the capital expenditure outcome as part of a broader fiscal effort anchored on discipline and transparency.
Edun added, “Nigeria’s fiscal position did demonstrate resilience, and I would say marked improvement, reflecting discipline, management and transparency-focused reforms.”
According to him, capital spending remains critical to improving food prices, reducing the cost of capital, expanding mortgage lending, boosting electricity supply and accelerating road construction.
He said Nigeria had moved from crisis management to a phase of stabilisation and consolidation, stressing that sustained reforms were necessary to translate stability into long-term growth.
Looking ahead, Edun said the 2026 budget, tagged Budget of Consolidation, Renewed Resilience, and Shared Prosperity, was aimed at converting 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 government’s commitment to sustained capital spending and economic reforms, saying the focus remained on inclusive and job-rich growth.
