FG moves 2026 unfinished projects into 2027 budget

The Federal Government of Nigeria has announced plans to transfer outstanding projects and expenditure commitments from the 2026 budget into the 2027 fiscal year. This move is part of efforts to end the practice of implementing multiple national budgets simultaneously and address weaknesses in the country's budget preparation and implementation processes.

The Minister of Finance, Taiwo Oyedele, disclosed this during the launch of the World Bank’s Nigeria Development Update. The Senate and House of Representatives have approved the extension of the capital component of the 2025 budget to December 31, 2026, giving Ministries, Departments and Agencies additional time to execute capital projects.

Oyedele acknowledged the need for a more realistic budgeting framework from 2027, addressing issues such as unrealistic revenue projections and repeated extensions of capital budgets beyond their original fiscal years. The reforms aim to resolve outstanding expenditure commitments, streamline budget implementation, and prioritize human development, infrastructure, and measures to stimulate private investment.

Brief written by urgent.news from Punch Nigeria's own syndicated text. Machine-written — may contain errors; check the original before relying on it.