The National Assembly has issued a stern warning regarding the poor implementation of the 2024 capital budget, calling for the immediate release of funds to drive economic growth and deliver essential infrastructure projects.
At a joint session involving the Senate and House Appropriations Committees and the Presidential Economic Team, lawmakers decried the lopsided allocation favouring recurrent expenditure, which has achieved 100% performance, while capital projects lag at a mere 25%.
The chairmen of the Senate and House Committees on Appropriations, both Senator Solomon Adeola and Abubakar Birchi, respectively, expressed frustration over the imbalance, insisting that the 2025 budget must reverse the trend to meet the aspirations of millions of Nigerians.
Adeola emphasised the critical role of capital expenditure in driving economic activities and fulfilling President Bola Tinubu’s Renewed Hope Agenda.
“Capital projects are the backbone of economic growth, yet funds are not being released. We cannot allow MDAs to come for 2025 budget defence with records of non-performance,” he said.
Echoing the Senate’s concerns, Birchi criticised the overreliance on recurrent spending. He argued that less than 10 per cent of Nigerians benefit from this spending, while most are left without basic infrastructure such as schools, hospitals, and roads.
“We must prioritise capital projects over debt repayments and other recurrent expenditures if we want to address the real needs of our people,” Birchi said.
Responding to the lawmakers, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, admitted to delays in capital funding but warned against reckless borrowing to plug gaps.
