President Bola Ahmed Tinubu

President Bola Tinubu and the National Assembly have come under fresh fire after the Senate and House of Representatives extended the implementation of the capital component of the 2024 national budget by another six months, shifting the deadline from June 30 to December 31, 2025.

This is the second extension of the same budget cycle, and critics say it reflects deeper issues of poor planning, weak execution by Ministries, Departments, and Agencies (MDAs), and potential mismanagement of public funds.

The amendment bill passed swiftly through all readings in both chambers, with Senator Olamilekan Adeola citing the need to complete ongoing projects. “We must not allow these important national projects to be abandoned due to time constraints,” he said.

However, several economists, including Ayo Teriba and Professor Akpan Ekpo, expressed concern that the recurring extensions undermine fiscal discipline and indicate systemic weaknesses. “If there is no money, there is no money. You don’t need 24 months to execute a 12-month budget,” Teriba stated.

A senior official at a federal ministry, speaking anonymously, revealed that the 2025 budget has yet to be implemented, while all operations remain tied to the 2024 budget. “From January to date, our expenses are from the 2024 budget. Payments to contractors and staff allowances are delayed,” the official said.

Dr Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, said poor revenue performance, especially in oil production, may have contributed to the delays. “Debt service is taking a huge toll on the fiscal space. It’s time we make our budgets more realistic,” he warned.

Some analysts, like Paul Alaje, warned that running two capital budgets simultaneously could stoke inflation, while others, like Segun Kuti-George of the Nigerian Association of Small-Scale Industrialists, argued the extension may support long-term infrastructure goals.

Regardless of the differing views, most experts agree that the practice of budget rollover must be critically examined and resolved to avoid damaging Nigeria’s fiscal credibility.