Senate Extends 2025 Budget Capital Component to 2026

On Tuesday, the Nigerian Senate approved a bill to extend the implementation of the capital component of the 2025 budget from March 31 to June 30, 2026. The bill, presented by Senator Opeyemi Bamidele, aims to amend the 2025 Appropriation Act, addressing the need for effective execution of capital projects, which have not reached optimal levels despite the release of approximately 30 percent of allocated funds.

The Deputy President of the Senate, Barau Jibrin, emphasized the necessity of this extension to prevent exacerbating the already troubling incidence of abandoned and partially executed projects across the country. The extension is expected to strengthen fiscal discipline and safeguard public resources from waste, while also contributing meaningfully to economic recovery by sustaining capital expenditure flow and supporting job conservation.

The Senate subsequently passed the bill to extend the capital component implementation of the 2025 budget.