June 24, (THEWILL) – The Senate has approved an extension of the capital component of the 2024 national budget, shifting its implementation deadline to December 31, 2025.
The decision was reached during plenary on Tuesday, following the presentation and swift passage of an amendment bill to the Appropriation Act.
Deputy Senate President, Senator Barau Jibrin, announced the resolution following the adoption of the report by the Senate Committee on Supply. The debate was led by the Chairman of the Senate Committee on Appropriations, Solomon Adeola, who defended the need for the extension.
Adeola said the additional time is necessary to enable the Federal Government to complete several ongoing projects captured under the 2024 budget. He also cited revenue constraints, noting that limited fiscal resources had delayed the execution of various capital projects.
“We must not allow these important national projects to be abandoned due to time constraints. Extending the implementation period will ensure value for money and improved service delivery”, he said.
The National Assembly had, in December 2024, extended the 2024 capital budget implementation, following a formal request from President Bola Tinubu, who sought to push the deadline from December 31, 2024, to June 30, 2025.
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