"As is customary, we reviewed the budget performance, and overall it's around 80 per cent. As you know, the budget for 2024 was extended to December, so it is still running. It is still a work in progress," he said.
The House of Representatives Committee on Appropriations on Wednesday held a closed-door session lasting nearly four hours with some members of the executive arm to assess ongoing budget performance.
Those at the meeting were the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; the Minister of Budget and Economic Planning, Abubakar Bagudu; Accountant-General of the Federation, Shamsedeen Ogunjimi and the Director-General (DG) of the Budget Office of the Federation, Tanimu Yakubu.
Emerging from the meeting, both sides stressed that the implementation of the 2024 and 2025 Appropriation Acts remains on track, with the ministers highlighting progress and lawmakers reiterating their support for the federal government's reform agenda.
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Mr Edun explained that the 2024 budget, extended by the National Assembly until December 2025, has reached about 80 per cent implementation, with a focus on grassroots-driven projects such as roads, irrigation schemes, and other infrastructure.
"As is customary, we reviewed the budget performance, and overall it's around 80 per cent. As you know, the budget for 2024 was extended to December, so it is still running. It is still a work in progress," he said.
He added that the focus of government spending under the extended cycle has been on projects with direct impact on communities, especially in critical areas such as road infrastructure, irrigation, and other grassroots initiatives designed to boost livelihoods and stimulate local economies.
Mr Edun stressed that the President Bola Tinubu administration is committed to "faithful and full" execution of the extended budgets, promising that the gains will become more visible in the coming months.
Lawmakers express satisfaction
Committee Chairperson, Abubakar Bichi, said members were satisfied with the level of implementation so far and appreciated the ministers' assurances.
"We discussed the 2024/2025 Appropriation Act. Nigerians are concerned about implementation, and both ministers acknowledged this and they have agreed to work so hard so that at least Nigerians can see the progress of the budget," he said.
On the 2025 budget, signed into law in February, Mr Bichi explained that while Nigerians were eager to see the results, initial delays caused by the procurement process slowed down early implementation.
He added that while the 2026 budget timeline has not yet been communicated, the legislature's current focus is on seeing that the extended 2024 budget and the 2025 budget are properly delivered before the next fiscal cycle begins.
Commendation for Tinubu's reforms
Mr Bagudu told journalists that lawmakers restated their appreciation of Mr Tinubu's economic policies, including ongoing tax reforms, and commended the executive's respect for the National Assembly.
"The members of the National Assembly restated their appreciation of all the achievements under President Bola Ahmed Tinubu and they commended the respect for the National Assembly and the excellent working relationship with the federal government and they restated that they have supported all the major reform initiatives which have produced the result, including the latest tax reforms," Mr Bagudu said.
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He described the meeting as another demonstration of the strong collaboration between the executive and legislature in steering Nigeria's economy through challenging times.
Context: Overlapping budgets and unusual extensions
Nigeria's budgetary process has faced significant adjustments over the past two years.
The 2024 Appropriation Act, initially set at over ₦27.5 trillion, was extended into 2025 to ensure the completion of key projects.
Meanwhile, the 2025 budget, passed in February 2025 with a total of ₦54.9 trillion, has been slow to take off.
Ordinarily, one fiscal year's budget lapses as another begins, but the extension of the 2024 budget has created a rare overlap, with both the 2024 and 2025 fiscal plans running concurrently in the same year.
