After multiple budget extensions, Nigeria’s Budget Office published a provisional full-year 2024 Budget Performance Report by the end of September, with Wale Edun, minister of finance, claiming an implementation rate of about 80 percent across both capital and recurrent components. The report followed months of delayed execution and adjustments to the 2024 fiscal cycle.
However, findings from BudgIT’s Tracka show that funds disbursed for several capital projects, including Zonal Intervention Projects (ZIP) and projects under the Economic Recovery and Growth Plan, did not consistently translate into project execution across states. The Tracka report reveals wide disparities in how federal capital projects were implemented, along with a ranking of states based on actual project completion outcomes.
According to the Tracka report, only 52.10 percent of the N10.8 trillion capital expenditure component of the 2024 federal budget was completed, while 23.91 percent of projects were still ongoing as of the review period. The remaining 24 percent were classified as either abandoned, not done, or fraudulently delivered, despite funds being released for their execution. Many of these are projects that Edun has described as a priority because they touch the grassroots, and provide facilities, resources and support.