FG’s 85% Capital Spending Claim Faces Scrutiny

Economic analysts and public finance experts have raised serious questions over the Federal Government of Nigeria’s claim that it achieved 85 per cent capital expenditure implementation in the 2024 fiscal year, citing concerns over transparency, delayed payments, and limited evidence of completed projects.
The federal government had recently announced that it recorded one of its highest capital budget performances in years, attributing the figure to improved revenue mobilisation and tighter expenditure controls. However, analysts argue that the claim does not align with realities on the ground, particularly in key infrastructure sectors such as roads, power, housing, and water resources.
According to budget experts, many capital projects captured in the 2024 budget were either partially executed or stalled due to late budget passage, cash flow constraints, and rising project costs caused by inflation and foreign exchange volatility.
“Capital spending should be measured by verifiable project completion and timely payments, not just releases on paper,” said a public finance analyst who spoke on condition of anonymity. “What we are seeing is a gap between reported figures and actual impact felt by citizens.”
Contractors handling federal projects have also complained of outstanding payments, with some reporting delays of several months despite official claims of high budget performance. These delays, they say, have forced many contractors to suspend work or abandon sites altogether.
Civil society organisations have called on the government to publish detailed project-by-project data, including funds released, amounts utilised, and completion status, to allow for independent verification. They argue that without such disclosures, claims of high capital expenditure remain difficult to substantiate.
The controversy comes at a time when Nigerians are grappling with worsening economic conditions, rising unemployment, and decaying infrastructure, prompting questions about whether budgetary spending is translating into tangible improvements across the country.
While the federal government insists that reforms in public finance management are beginning to yield results, analysts maintain that greater transparency and accountability are required to restore public confidence in official fiscal reports.
As scrutiny intensifies, stakeholders say the true test of capital spending performance lies not in percentages announced at press briefings, but in completed projects that improve lives across Nigeria.