The Senate said yesterday it extended the implementation of the capital component of the 2024 budget till December 31 to ensure the completion of ongoing projects.

Deputy Senate President, Barau Jibrin, okayed the extension after the consideration of an Appropriation Bill seeking the amendment and extension.

The bill was read for the first, second and third times on the same day and supported by most senators.

Chairman of the Senate Committee on Appropriations, Solomon Adeola, sponsored the Bill.

Adeola (APC – Ogun West), in his lead debate, explained that the extension was necessary to allow the Federal Government to complete ongoing projects contained in the budget.

He said the Federal Government lacked enough resources to execute the projects proposed in the budget.

He urged his colleagues to support the extension of the 2024 budget to prevent project abandonment.

This marks the second time the Senate has extended the capital implementation phase of the 2024 budget.

The initial extension followed a request from President Bola Ahmed Tinubu.

He wrote to the National Assembly in December for approval to shift the capital expenditure implementation deadline from December 31, 2024, to June 30, 2025.

The President explained that it was necessary to enable the executive arm to complete ongoing capital projects and optimise budgetary allocations.

That extension was granted after extensive debate by both chambers of the National Assembly.

However, as the June 30 deadline approached, it became evident that several critical projects funded under the 2024 budget had not been completed, prompting the fresh extension.

With the new December 31, Nigeria is now operating two budgets within a single fiscal year: the 2024 budget, which is still being implemented, and the 2025 budget, which is currently in force.

As of the time it was extended in 2024, some critics argued that the extensions reflected weak execution capacity within government ministries, departments, and agencies (MDAs).

Supporters of the move believe it helped to ensure value for money and completion of critical projects that otherwise would have been abandoned.