FG Begins 2024 Capital Payments, Sets March 31 Deadline

The Federal Government has commenced payments for outstanding 2024 capital projects and fixed March 31, 2026, as the deadline for the full implementation of capital components in both the 2024 and 2025 budgets, in a renewed push to clear backlogs and accelerate execution.

The Special Adviser on Media and Public Communication to President Bola Tinubu, Mr Sunday Dare, disclosed this in a post on X on Friday, confirming that payments for inherited obligations are also underway. He added that Ministries, Departments and Agencies (MDAs) have been directed to fast-track documentation for the 2025 capital budget.

According to the Presidency, “Payments for outstanding 2024 capital projects have now commenced,” while full implementation of the capital components of both the 2024 and 2025 budgets is targeted for completion on or before March 31, 2026.

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For the 2025 capital budget, all MDAs have been instructed to submit or upload their cash plans by close of business on Monday, February 23, 2026, to enable immediate processing of payments thereafter. The directive effectively places a firm timeline on agencies to comply with documentation requirements to ensure seamless capital disbursements.

The development follows earlier assurances by the Minister of State for Finance, Doris Uzoka-Anite, that outstanding capital payments under the 2024 and 2025 budgets would be settled before the end of March.

She gave the assurance during an interactive session between the Senate Committee on Appropriations and the Federal Government’s economic team on the proposed N58.472 trillion 2026 Appropriation Bill, noting that the financial management system had been restored and urging MDAs to complete their documentation for prompt disbursement.

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In December 2025, President Tinubu asked the National Assembly to repeal and re-enact the 2024 and 2025 budgets and extend the 2025 budget to March 31, 2026. He explained that the proposal sought to repeal the 2024 Appropriation Act of N35.06 trillion and re-enact it with a revised total expenditure of N43.56 trillion.

The Federal Government also earmarked N100 billion in the 2026 budget for the settlement of outstanding obligations owed to indigenous contractors. In January, it confirmed the payment of N152 billion to contractors for verified contracts, following renewed protests in Abuja over unpaid debts.