Nigeria Records 85% Capital Expenditure Performance for 2024, Says Finance Minister

The Federal Government achieved an 85 per cent performance rate in capital expenditure for the 2024 fiscal year, the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, announced on Thursday.

Speaking at the 2026 Macroeconomic Outlook event in Lagos, Edun attributed the strong execution level to the extension of the 2024 budget implementation period by the National Assembly, which allowed for the completion of ongoing projects.

The minister acknowledged that capital spending in 2025 would be lower, as the government focuses on concluding existing projects rather than starting new ones. He described the 2024 outcome as a result of fiscal discipline and transparency-focused reforms.

The budget extension had drawn criticism from some civil society groups, who raised concerns over constitutional procedures. Edun, however, stated that all statutory obligations, including debt servicing and salaries, were met despite fiscal challenges.

Looking ahead, Edun said the 2026 budget aims to convert recent economic stability into tangible improvements in the lives of citizens, with a continued emphasis on inclusive growth and job creation.