By Agency Report
The Nigerian Senate has extended the implementation of the 2023 budget and supplementary Appropriation till March 31, 2024.
The National Assembly passed the sum of N21.8 Trillion and a supplementary Appropriation of N2.1 Trillion for 2023 Fiscal year.
The resolution of the upper chamber follows the adoption of the lead debate to amend the 2023 Appropriation Act and the 2023 Supplementary Budget law to extend the implementation year
from the 31st December, 2023 to 31st March, 2024.
The Executive bills were read by Senate leader, Bamidele Opeyemi (Ekiti Central)
In his presentation, Senator Opeyemi explained that the recent 2023 Capital Releases to MDAs are unlikely to be utilized before 31 December, 2023 due to late release mandates of the Funds which will lapse if the Capital implementation date is not extended beyond 31st December, 2023.
He stressed that, in view of the critical importance of some key projects nearing completion, it is expedient to grant extension of the expiration clause to avoid compounding the problem of abandoned projects.
The Lawmaker re-echoed that given that some of the projects were not provided for in the 2024 Budget under legislative considerations, the need to extend the implementation year from 31st December, 2023 to 31 March, 2024 of both Acts has become expedient.
The Senate Leader reiterates that the bill if passed will allow full utilization of the Capital releases in order to help reflate the economy.
ait.live reports that after a clause-by-clause consideration of the bill at the Committee of the whole, it was passed by the Senate. AIT
