Finance Minister Edun Says 2024 Budget 80% Implemented as Government Pushes for Full Delivery

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has disclosed that the federal government has already implemented about 80 percent of the 2024 budget, assuring citizens that the administration remains on course to deliver on its fiscal promises. The disclosure comes amid heightened scrutiny from lawmakers, economic analysts, and the general public over delays in project execution and concerns that budgetary allocations may not be translating into visible development on the ground.

Speaking after a meeting with members of the House of Representatives Appropriations Committee in Abuja, Edun stressed that significant progress has been made in the release and utilization of capital expenditure despite fiscal pressures. He explained that the extension of the 2024 budget by the National Assembly until December has allowed more time for ministries, departments, and agencies (MDAs) to complete ongoing projects.

According to him, the 80 percent implementation reflects both recurrent and capital expenditure disbursements, with priority given to infrastructure, social welfare, and rural development programs. He said that major roads, irrigation schemes, energy projects, and community-focused initiatives are advancing, even though challenges such as inflation, high input costs, and exchange rate volatility have slowed certain aspects of execution.

Edun emphasized that the government remains committed to restoring public confidence in Nigeria’s budgeting system. He described the January–December cycle as a key achievement that must be preserved, and assured lawmakers that efforts are underway to ensure every kobo appropriated serves the people. “We are on track with execution. Resources are being applied strategically to maximize impact, and Nigerians will see the benefits of this budget in tangible ways before the year runs out,” he said.

Budget and National Planning Minister, Atiku Bagudu, also addressed lawmakers, acknowledging the concerns raised but insisting that most projects under the 2024 appropriation are receiving adequate attention. He explained that the government has adopted stricter monitoring and evaluation frameworks to reduce delays and ensure accountability in project delivery. Bagudu further noted that the administration is working to align expenditure with realistic revenue, pointing to ongoing reforms aimed at expanding Nigeria’s non-oil revenue base.

Despite these assurances, members of the House of Representatives remain cautious. The House Committee on Appropriations pressed the ministers to provide detailed breakdowns of projects executed so far and evidence of work done across states. Lawmakers warned that without transparency, public skepticism will deepen, especially as citizens complain of poor infrastructure, rising unemployment, and cost-of-living challenges.

The claim of 80 percent implementation has sparked debate among analysts and civil society groups. While some view the figure as impressive considering fiscal headwinds, others argue that real-life indicators suggest limited progress. Many point to persistent complaints of dilapidated roads, slow delivery of healthcare and education facilities, and stalled power sector projects as evidence that budget implementation may not be as effective as reported.

Economists also warn that inflationary pressures and the weakening naira could erode the value of capital projects, meaning that even completed projects might cost more than initially projected. They stress the need for efficiency in procurement and project execution to prevent wastage of public funds.

At the same time, investor groups and business leaders say steady budget implementation is critical for Nigeria’s credibility. They argue that predictable fiscal policy helps attract foreign investment and improves private sector planning. By reporting significant implementation levels, the government hopes to reassure both domestic and international stakeholders that Nigeria’s economy is on a stable path.

Looking ahead, Edun highlighted that the government is intensifying its revenue mobilization strategies, including improving tax collection, curbing leakages, and harnessing technology for efficiency. He reiterated President Bola Tinubu’s commitment to economic reforms that will broaden the fiscal space and enable government to finance more development projects without over-reliance on borrowing.

However, civil society organizations caution that beyond figures, Nigerians want visible results. They urge the federal government to prioritize transparency by publishing project-by-project details of implementation, so citizens can verify claims independently. Groups also call for stronger collaboration between the executive and legislature to ensure oversight and prevent misuse of funds.

As Nigeria pushes toward the last quarter of 2024, all eyes will be on whether the administration can bridge the remaining 20 percent gap and ensure that the year ends with a near-total budget execution rate. Success will not only strengthen public confidence but also set the tone for the upcoming 2025 fiscal year, which lawmakers insist must be presented and implemented on schedule.

For now, Edun’s announcement of 80 percent implementation sends a signal of optimism, but whether this optimism translates into lived experiences for Nigerians will determine how the budget is ultimately judged.