FG begins payments for 2024 capital projects, clears outstanding debts – Presidency

The Presidency said the Federal Government has begun the settlement of all outstanding payments for 2024 capital projects.

Sunday Dare, Special Adviser to the President on Public Communications and Orientation, revealed this on his verified X handle, weekend.

According to him, the Government has begun payments for outstanding 2024 capital projects, as well as the full implementation of “the capital components in both the 2024 and 2025 budgets targeted for completion on or before March 31, 2026.

Read also: Nigeria settles N501 billion power debts as Tinubu tackles decade-old crises

“For the 2025 capital budget: All Ministries, Departments and Agencies (MDAs) have been directed to submit/upload their cash plans by close of business on Monday, February 23, 2026. Payment processing will begin immediately thereafter.”

Recall that President Bola Tinubu, had in his 2026 budget speech, directed all relevant agencies, including the Minister of Finance, the Minister of Budget and Economic Planning, the Accountant-General and the Director-General of the Budget Office to ensure strict implementation of the 2026 Budget in line with appropriated details and timelines.

This followed his promise to end the multiple budget cycles that had trailed the implementation of his administration’s budgets

According to him, ” From April, Nigeria will operate on a single budget backed by a single revenue cycle — no overlaps, no excuses, no rollovers,” Tinubu declared, adding that “the greatest budget is not the one we announce. It is the one we deliver.”

The announcement, is seen as a relief for contractors, following months of frustration among contractors who had been engaged in series of protests against non- payment of debts owed to them

The contractor, operating under the aegis of ” All Indigenous Contractors Association of Nigeria (AICAN), had in January this year, blocked the gate of the federal ministry of Finance, over outstanding debt if N1.5 trillion owed by the Federal Government.

Following the protests, President Bola Tinubu, in December, 2025, set up a multi-ministerial committee to resolve the outstanding debts owed by the federal to the contractors

The committee chaired by Wale Edun, Minister of Finance and Coordinating Minister of the Economy, was mandated to clear all the outstanding debts

Other members of the Committee include; Atiku Bagudu, Minister of Budget and Economic Planning; Tanimu Yakubu, Director-General of the Budget Office; Dave Umahi, Minister of Works; Ahmed Dangiwa, Minister of Housing and Urban Development; and Zacch Adedeji, Chairman of the Nigeria Revenue Service ( NRS).

President Tinubu also promised to end the practice of multiple budgets, in his 2026 Appropriation Bill, currently before the National Assembly.

Read also: NNPC faces mounting strain as subsidiary debts swell to ₦30.3 trillion

The President had attributed the current challenges to “fiscal constraints”, as he declared that only N3.10tn, or 17.7% of the 2025 capital budget — had been released as at the third quarter.

He stated that the low releases low releases for the implementation of the 2025 budget was to allow fir the completion 2024 capital projects, whose implementation was extended into December 2025.

Recall that as at June 2025, N2.23 trillion had been released for 2024 capital projects.