The federal government is funding the capital component of the 2024 budget using revenue accrued under the 2025 budget.
The above statement was made by the Director-General of the Budget Office of the Federation, Dr. Tanimu Yakubu.
Yakubu stated this in Abuja, during a stakeholders’ engagement on the implementation of the 2025 capital budget and related issues.
Of the N34 trillion appropriated in the 2024 budget, N19 trillion was allocated for capital expenditure.
He said, “The federal government has used the revenue accruing from the 2025 budget to fund the capital component of the 2024 budget. Similarly, the 2025 revenue projections in the budget have been underperforming as we have not met our oil production quota.”
He, however, said the federal government has concluded plans to soon commence capital implementation of the 2025 budget.
JESNews correspondent reports that the 2025 Appropriation Law, amounting to N54.99 trillion, has a capital expenditure of N23.96 trillion.
