The Federal Government of Nigeria has initiated payments for outstanding capital projects under the 2024 budget, addressing a backlog of unpaid contracts and debts inherited from previous administrations. According to Sunday Dare, the Special Adviser to the President on Public Communications and Orientation, this move marks a significant step towards ensuring timely implementation of capital projects. The government aims to achieve full implementation of the capital components in both the 2024 and 2025 budgets, with a target deadline of March 31, 2026.

This development comes in response to prolonged frustrations among contractors and mounting pressures from the National Assembly regarding delayed payments, which have significantly stalled infrastructure projects across the country. The lack of timely financial support has inhibited progress on various initiatives, leading to concerns about the effectiveness of budget allocations and government accountability. The commitment to clear these debts reflects the government's prioritization of infrastructure development at a critical time.

As Nigeria prepares for the upcoming fiscal activities, addressing the backlog of unpaid contracts is essential for rebuilding contractor trust and ensuring that infrastructure projects can proceed without further delay. This step towards financial resolution is also indicative of the government's broader strategy to enhance capital budget implementation and foster economic growth, as they navigate challenges imposed by previous administrations' debts and the urgent need for development funding.