The Federal Government of Nigeria disbursed a total of ₦5.81 trillion to its Ministries, Departments, and Agencies (MDAs) for the execution of capital projects in 2024, according to a new report from the Budget Office of the Federation.
The report, which reviewed the implementation of the 2024 budget, revealed that the funds achieved an 81.9% utilisation rate, indicating significant progress in the execution of government-funded infrastructure and development projects across the country.
Despite persistent fiscal pressures, including revenue shortfalls and increased expenditure demands, the Budget Office noted that the government maintained a strong commitment to capital spending, particularly in sectors such as transportation, power, education, health, and works.
The report further highlighted improvements in non-oil revenue performance, citing better tax collection, enhanced compliance measures, and ongoing reforms in public finance management as key drivers of the positive trend.
“The performance reflects the administration’s resolve to prioritise infrastructure development and sustain economic growth, even amid constrained fiscal space,” the Budget Office stated.
Analysts have welcomed the development as a sign of improved budget discipline and transparency, though they stress the need for stronger project monitoring to ensure value for money and timely completion of infrastructure projects.
The 2024 fiscal year marked one of the government’s most ambitious capital expenditure drives in recent years, aligning with President Bola Tinubu’s Renewed Hope Agenda to stimulate growth through public investment and structural reforms.
