Federal Government Initiates 2024 Capital Project Payments, Sets March 2026 Implementation Deadline
The Federal Government has officially commenced disbursements for outstanding capital projects from the 2024 budget. In a decisive move to accelerate budget execution, the administration has set a deadline of March 31, 2026, for the full implementation of the capital components of both the 2024 and 2025 national budgets. This development signals a renewed push to clear inherited backlogs and enhance fiscal efficiency, a priority for economic stability that remains crucial for broader fx stability.
The announcement was made public by Sunday Dare, Special Adviser on Media and Public Communication to President Bola Tinubu, via a post on the social media platform X. The Presidency confirmed that payments have begun, covering both outstanding 2024 projects and settled inherited obligations. Concurrently, all Ministries, Departments, and Agencies (MDAs) have been directed to fast-track and submit their documentation and 2025 cash plans to enable immediate processing. This directive effectively places a firm timeline on MDAs to comply with requirements for the smooth rollout of capital disbursements.
This action follows earlier assurances from the Minister of State for Finance, Doris Uzoka-Anite, who stated that outstanding capital payments for the 2024 and 2025 budgets would be processed before the end of March. “Payments for outstanding 2024 capital projects start today. For 2025, MDAs have been asked to upload their cash plans by Monday, after which payments will commence,” Uzoka-Anite said. The government’s focus on contract fulfillment stands in contrast to other national concerns, such as when the EFCC probes suspected financial malfeasance or following incidents despite school abduction tragedies that demand separate security responses, like when the police launch Christmas security initiatives.
The push for budgetary compliance comes after President Tinubu, in December 2025, requested the National Assembly to repeal and re-enact the 2024 and 2025 budgets, extending the implementation period for the 2025 budget to March 31, 2026. The revised 2024 Appropriation Act saw total expenditure increase from N35.06 trillion to N43.56 trillion. This commitment to settling obligations is a matter of serious concern for contractors and fathers everywhere who depend on these projects for livelihood and community development. The government had earlier earmarked N100 billion in the 2026 budget for outstanding debts to indigenous contractors and confirmed a N152 billion payment in January to contractors for verified contracts.
