The Federal Government has disbursed approximately 80% of the capital allocation earmarked in the 2024 Appropriation Act, according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The revelation was made on Wednesday after a strategic meeting with the House of Representatives Committee on Appropriation in Abuja. The meeting was convened to review the performance of the 2024 budget, which was extended by the National Assembly to run until December 31, 2024.
Edun, who was accompanied by the Minister of Budget and National Planning, Abubakar Bagudu, stated that the focus of the ongoing budget implementation is on critical infrastructure and grassroots projects that directly impact the lives of Nigerians.
“Overall, implementation is at about 80 per cent,” Edun told reporters. “As you know, the National Assembly extended the 2024 budget till December, and so, it is still running. It is still a work in progress.”
He elaborated on the review, stating, “We put our heads together to ensure that, particularly the projects that touch the grassroots, that provide support, resources, and facilities, like irrigation and other infrastructure projects at the grassroots level, are focused on and are given adequate attention and priority.”
The capital component of the N28.7 trillion 2024 budget signed by President Bola Tinubu was N13.19 trillion, with the Ministry of Works receiving the largest share of ₦892.461 billion. The minister confirmed that the meeting did not discuss a supplementary budget for 2024, and the proposed 2025 budget of ₦54.99 trillion remains the focus.
The Chairman of the House Committee on Appropriation, Abubakar Bichi, explained that the engagement was part of the legislature’s constitutional oversight duty to monitor budget performance and address public concerns about implementation.
“Nigerians were increasingly worried about the level of implementation of the 2024 budget,” Bichi said. “We have engaged with the Ministers of Finance and Budget; both acknowledged the concerns and assured us of their commitment to work harder so that Nigerians can begin to see visible results from the budget.”
He added that the ministers promised significant visible developments before the end of the year, a pledge the committee will monitor closely.
In his remarks, Minister Bagudu highlighted the cordial relationship between the Executive and the Legislature, noting that the committee commended the achievements of the Tinubu administration.
“The National Assembly has supported all major reform initiatives of this administration, including the recent tax reforms, which are already yielding results,” Bagudu said. “Our engagement today helped to identify areas where improvements are still required.”