Senate Greenlights Extension of Supplementary Budget Implementation Deadline
The Nigerian Senate has granted approval for the extension of the implementation period of the supplementary appropriation bill from December 31, 2023, to March 31, 2024. This decision follows an amendment presented by the Leader of the Senate, Senator Opeyemi Bamidele, to the 2023 Appropriation Bill and the 2023 Supplementary Appropriation Bill, allowing for the extension beyond the initial deadline.
Senator Bamidele clarified that the 2023 Appropriation Act stipulated a 12-month budget cycle from January 1 to December 31, 2023. With the extension, the funds allocated in the 2023 supplementary appropriation bill can be utilized effectively for capital implementation, preventing any potential wastage due to time constraints.
During the third reading, the bill was put to a voice vote by the President of the Senate, Godswill Akpabio, and was unanimously approved by the senators.
In October, the Federal Executive Council (FEC) sanctioned a N2.17 trillion supplementary budget, which was subsequently endorsed by the National Assembly. Initially, the Minister of Finance, Wale Edun, suggested that the 2023 supplementary budget would run concurrently with the 2024 budget.
Breakdown of the 2023 Supplementary Budget
The breakdown of the 2023 Appropriation Act reveals that out of the total N2.17 trillion, N1.01 trillion was allocated to recurrent expenditure, while N1.16 trillion was earmarked for capital expenditure.
Key capital projects in the budget include:
- N300 billion for the rehabilitation of Eko and Third Mainland bridges, as well as the development, repair, and maintenance of various roads nationwide.
- N200 billion for the provision of seed, agricultural input, supplies, and agricultural implements to support increased production.
- N210 billion allocated for wage awards to federal civil servants.
- N5.5 billion for the commencement of the student loan program in January.
The extension of the supplementary appropriation bill’s implementation period is expected to facilitate the effective utilization of allocated funds for critical developmental projects, ensuring optimal impact and value for the nation’s economy.
Source: Nairametrics
