The Federal Government has announced plans to introduce a real-time reporting platform that will allow Nigerians to monitor the implementation of capital projects across the country, insisting that actual project execution is significantly higher than what is often portrayed in the public domain.
The government also revealed that President Bola Tinubu has directed the harmonisation of federal projects to enhance transparency, coordination and public accountability.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this on Monday while speaking during a panel session titled “Reforms in Focus: The Milestones, the Challenges, the Prospects” at the fifth Nigeria Employers’ Summit held in Abuja.
Other panelists included the Director-General of the National Health Insurance Authority, Dr. Kelechi Ohiri; the Principal Economist and Lead, Economic Transformation and Competitiveness at the Nigerian Economic Summit Group, Wilson Erumebor; and the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr. Muda Yusuf.
Oyedele acknowledged that there was room for improvement in budget implementation but argued that public perception of capital project execution does not accurately reflect the level of work being carried out.
According to him, much of the implementation occurs through government agencies and large-scale legacy projects, whose progress is often not immediately reflected in public reports.
“On public finance and budget implementation, especially capital projects, I would agree that we can do much better with our budget, including what we budget for and how we implement it.
“But I can also tell you that budget implementation is far better than what you see and what you hear. Take capital budget implementation, for example. Some of it is not properly reported.
“Some of the execution of capital projects is done at the agency level. Some are landmark and legacy projects, and because of the nature of these projects, reporting does not come in immediately,” he explained.
The minister said the delay in reporting has created a disconnect between actual project implementation and public perception, adding that the Ministry of Finance is developing a transparent reporting system that will make project information readily accessible.
“Part of the work we are doing at the Ministry of Finance is to provide this reporting in a way that is clear and transparent. Very soon, the information will be available simply by visiting the Ministry of Finance website.
“You will discover that the percentage of capital project implementation is much higher than what is commonly reported,” he said.
Oyedele further disclosed that the Ministry of Finance is collaborating with the Ministry of Budget and Economic Planning to reform project implementation and consolidate information on federal projects into a single digital platform.
“We are also working with the Ministry of Budget and Economic Planning on reforms relating to project implementation. Mr. President has already directed that projects should be harmonised. Having one platform where everything can be accessed at once will greatly improve transparency and accountability,” he added.
Addressing concerns over the government's growing debt servicing costs, the minister explained that the increase was largely due to higher interest rates introduced by monetary authorities to combat inflation.
He noted that many critics overlook the difficult fiscal realities confronting the government.
“Sometimes when I listen to economists speak on television, I wish the narrative would be more balanced. We know the reforms created some volatility, including higher inflation. To address inflation, the monetary authorities had to increase interest rates.
“Many people applaud the Central Bank for raising interest rates to fight inflation and then question why government debt servicing has increased. Government does not borrow from another planet.
“Before the reforms, government borrowing averaged about eight per cent. After the reforms, borrowing costs rose to as high as 24 per cent.
“If government needs to borrow additional funds at three times the previous cost, naturally more money will be required for debt servicing, infrastructure development and social programmes,” he explained.
Oyedele also pointed out that inflation has significantly increased the cost of governance, making it more expensive for government to execute projects and deliver services.
“Inflation does not affect only the private sector; it also affects government. We are spending much more money to execute the same projects and programmes. These are facts, not excuses. While much still needs to be done, we should also acknowledge the progress that has been made,” he stated.
On infrastructure financing, the minister said the government intends to attract greater private sector investment into commercially viable infrastructure projects, while concentrating public funds on social infrastructure that may not yield immediate financial returns.
“Our approach is that commercially viable infrastructure should attract private investment. However, projects such as schools in rural communities may never be commercially profitable. That does not mean children in those communities should be denied education. Government must continue to fund such critical investments,” he said.
He identified the power sector as one of the administration's key priorities, revealing that discussions are ongoing to implement far-reaching reforms capable of attracting market-driven investments while safeguarding vulnerable Nigerians.
The government's remarks come amid increasing concerns over the pace of capital budget implementation and the gap between approved budgets and actual fund releases.
According to findings by DIP CONNECT ONLINE NEWS from the Open Treasury Portal, the Federal Government released about N2.68 trillion for the construction, rehabilitation and maintenance of roads and bridges between 2023 and April 2026, despite budgetary provisions of N54.93 trillion for road projects during the same period.
The releases represent roughly five per cent of the total approved allocation, highlighting the financing challenges affecting infrastructure delivery nationwide.
The analysis showed that road projects received allocations of N2.53 trillion in 2023, N9.39 trillion in 2024, N7.22 trillion in 2025, and N35.79 trillion in the first four months of 2026. Actual releases, however, stood at N631.51 billion, N784.60 billion, N670.68 billion, and N597.08 billion respectively, translating to implementation rates of 24.95 per cent, 8.36 per cent, 9.29 per cent, and 1.67 per cent.
These figures have attracted criticism from economists and industry stakeholders, who argue that inadequate capital releases have slowed the execution of major infrastructure projects and hindered economic growth.
Nigeria has historically struggled with low capital budget implementation due to revenue constraints, delayed fund releases and bureaucratic bottlenecks.
The Federal Government's 2026 budget allocates substantial funding to infrastructure, transportation, energy and social investment programmes, with officials expressing confidence that improved transparency and real-time project monitoring will strengthen public trust and accountability in government spending.
ADEOLA KUNLE
No comments:
Post a Comment