The Federal Government has settled over N2 trillion in outstanding capital budget obligations from the 2024 fiscal year, with a renewed commitment to prioritise the timely release of funds for 2025 capital projects.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this disclosure on Thursday at a ministerial press briefing in Abuja, where he also reaffirmed Nigeria’s readiness to attract global investment on the back of improved economic stability.
“In the last quarter, we did pay contractors over N2 trillion to settle outstanding capital budget obligations from last year,” Edun said. “At the moment, we have no pending obligations that are not being processed and financed. The focus will now shift to 2025 capital releases.”
The minister emphasised that government agencies must only commit to capital projects when funds have been duly authorised. “Despite appropriation, it is when funds are made available and authorised for spending that government entities should enter into binding commitments of government,” he added.
