2024 capital budget now 80% implemented, says Wale Edun

Wale Edun, minister of finance and coordinating minister of the economy, says the implementation of the 2024 budget is now at 80 percent.

Edun spoke on Tuesday in Abuja after a meeting with the house of representatives committee on appropriation, chaired by Abubakar Bichi.

In December, the national assembly extended the implementation of the capital components of the 2024 budget to June 2025, following President Bola Tinubu’s request.

The extension, the federal government said, was intended to optimise capital expenditure and enable the completion of infrastructure projects.

In June, with only a few days left to the deadline and many projects still uncompleted, the national assembly extended the deadline for another six months to December 2025.

At the time, several lawmakers expressed frustration over the executive’s poor budget execution record and the prolonged delay in releasing funds.

‘IMPLEMENTATION NOW 80%’

Edun said implementation is around 80 percent and still ongoing.

Representatives of the accountant-general’s office and the Debt Management Office (DMO) were present during the Wednesday’s meeting with the house of representatives committee. 

“Basically, overall it’s around 80%. And as you know, the budget for 2024 was extended by the national assembly till December, so it is still running. So, it is still a work in progress; it is still ongoing,” he said.

“And likewise, we looked at what is happening in 2025. We put our heads together to ensure that, particularly the projects that touch the grassroots, they provide support, resources, and facilities.

“The roads, irrigation, and other infrastructure projects at the grassroots level are are given adequate attention and priority.

“And it’s an ongoing discussion, an ongoing implementation of the budget faithfully and fully.”

Also speaking, Atiku Bagudu, minister of budget and national planning, said lawmakers commended Tinubu’s achievement.

“They [lawmakers] commended the respect [of the federal government] for the national assembly and the excellent working relationship between the federal government,” Bagudu said.

“They restated that they have supported all the major reform initiatives which have produced the result, including the latest tax reforms.”

The budget minister added that lawmakers reaffirmed their backing for key policy changes that have yielded outcomes, notably the recent overhaul of the tax system.

Also, Edun was present with representatives of the accountant-general’s office and the Debt Management Office (DMO) during the meeting with the committee.