The Senate has approved the extension of the implementation of Capital Expenditure as captured in the 2021 Appropriation Act from 31st March to 31st May 2022.
This is following the consideration of a Bill to Amend the 2021 Appropriation Act, read by Senate Leader, Senator Yahaya Abdullahi.
Senator Abdullahi explained that the extension of the budget period became necessary, given the need to complete, ongoing projects yet to be completed, and crucial to the current administration.
He recalled that the 2022 Appropriation Act was amended to extend the implementation year from 31st December 2021 to 31st March 2022.
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He added that the 2021 virement of the aggregate sum of N276 billion was approved for several MDAs by the National Assembly in December 2021, along with a 100 per cent release of the 2021 Capital Budget of the MDAs.
According to him, a significant portion of the releases to the MDAs has been utilized, following the extension to 31st March 2022.
He says, given the development, to avoid compounding the problem of abandoned projects, given also that, some of the projects were not provided for in the 2022 budget, hence the need to extend the implementation year from 31 March 2022 to 31st May 2022.
(Editor: Ifeanyi Mark)
