The federal government has transferred unspent capital funds from the 2024 budget into the 2025 budget using its financial management system, GIFMIS, to improve efficiency and direct resources towards key investments.
Under new rules, all federal ministries, departments, and agencies must now obtain official approval before signing contracts, ensuring spending aligns with available funds and stricter fiscal controls.
The Government Integrated Financial Management Information System (GIFMIS), introduced in 2003, is a digital platform for managing budgets and accounting.
The National Assembly initially extended the 2024 capital budget’s implementation to June 2025, then further to December, allowing it to run alongside the 2025 budget.
The Federal Ministry of Finance stated that the move was part of efforts to enhance economic growth by improving how the 2025 capital budget is managed.
According to Manga, “This strategic move is aimed at unlocking private sector confidence, driving infrastructure delivery, and sustaining economic growth and development.
“In line with this objective, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, today (Wednesday) in Abuja, convened senior government officials to refine the implementation of Nigeria’s 2025 capital budget.
“The session addressed the integration of unspent 2024 capital funds into the 2025 budget through the GIFMIS platform, streamlining disbursements and ensuring that every naira is deployed towards productive investments.”
The statement added, “Under the revised framework, Ministries, Departments, and Agencies (MDAs) of the Federal Government must secure warrants before entering into contracts, aligning public expenditure with cash availability and strict financial regulations.
“HM Edun underscored that transparent and efficient budget execution is critical to President Bola Ahmed Tinubu’s growth agenda, which targets GDP expansion of at least seven per cent to lift millions out of poverty.
“For the private sector, the reforms signal a more predictable fiscal environment, improved payment cycles, and stronger infrastructure pipelines, essential foundations for investment, and job creation.”
The statement quoted Edun as saying, “Nigeria’s future growth depends on effective, honest, and targeted spending,” adding: “We must ensure that public resources work harder for our people and our economy.”
The statement added, “With these reforms, Nigeria is poised to unlock its economic potential and drive sustainable growth.
“By prioritising transparent and efficient budget execution, the government is sending a strong signal to investors and citizens alike that it is committed to building a better future for all Nigerians.”
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