Nigeria’s National Assembly extends 2025 capital-budget implementation window to Dec 31, 2026

On 29 September 2026, Nigeria’s National Assembly approved a fourth extension to the implementation deadline for the capital component of the 2025 Appropriation Act, moving the cutoff from September 30, 2026 to December 31, 2026, keeping 2025 capital appropriations legally available through year-end 2026.

Extending the legal window for the 2025 capital budget to Dec 31, 2026 maintains the availability of previously appropriated funds and preserves authorities to settle outstanding capital obligations. That limits immediate write-offs but raises overlap between 2025 and 2026 spending cycles, increasing uncertainty about the timing of cashflows, domestic financing needs, and execution of new 2026 projects. It therefore elevates short-term liquidity and implementation risk for sovereign budget operations, without directly implying market repricing.

Whether MDAs complete projects and settle outstanding payments by Dec 31, 2026, and any subsequent rollovers or fiscal measures to prioritise 2026 capital spending.