Economic experts are raising questions about the Federal Government’s claim that 85 per cent of its capital expenditure for the 2024 fiscal year was achieved, citing concerns over transparency, delays in contractor payments, and the absence of independent verification.
The scrutiny follows remarks by the Minister of Finance, Wale Edun, at the 2026 Macroeconomic Outlook event in Lagos, where he stated that capital spending under the 2024 budget reached 85 per cent after the government extended the budget’s implementation period.
“In terms of the capital budget, the budget, at the end of the day, is a law of the National Assembly. They extended the 2024 budget for the full year to ensure that projects were completed,” Edun said, adding that the extension resulted in high execution levels.
While the government maintains that extending the budget and increasing allocations allowed infrastructure projects to proceed smoothly, economists remain sceptical of the reported figures.
Economist Aliyu Ilias said independent oversight is essential for public confidence.
“I think what they are saying can only be believed by those who are saying it because transparency is key. It shouldn’t be the government executive alone telling us; it should be independent oversight bodies, like the National Assembly, verifying it,” Ilias said.
He also highlighted that many contractors remain unpaid, pointing to stalled capital projects in roads, healthcare, education, and other social infrastructure critical for economic development.
“Debt service is met, but capital expenditure often suffers neglect. That hampers growth and leaves social infrastructure underdeveloped,” Ilias added.
Renowned economics professor Akpan Ekpo noted that the impact of the capital outlay is often delayed due to slow disbursement.
“Capital expenditure drives growth, but we haven’t felt the effect because of delays in releases. For the 2025 budget, only 17 per cent of capital spending has been disbursed. Until these delays are resolved, the benefits of spending remain minimal,” Ekpo said.
Former Zenith Bank chief economist Marcel Okeke, however, defended the government’s figures, noting the absence of alternative official data makes it difficult to challenge the claims.
“There’s no way to dispute the numbers without verifying nationwide project execution. Until independent data is available, we can only work with the figures released,” Okeke stated.
The National Assembly extended the 2024 budget to December 2025 to allow ongoing projects to be completed. The budget, initially set at N35.06tn with N13.77tn for capital expenditure, was revised in December 2025 to N43.56tn, raising capital spending to N22.27tn while leaving debt service and statutory transfers largely unchanged. This effectively repealed the original Appropriation Act and extended the budget’s timeline.
Okeke added that ongoing infrastructure projects across Nigeria support the government’s claims, though a comprehensive independent audit would be needed to confirm the 85 per cent performance rate.
