The Nigerian Senate has approved the extension of implementation of the 2023 Supplementary Budget from March 31 to June 30, 2024
This follows an amendment read by the Senate Leader, Opeyemi Bamidele to allow the extension of the lifespan of the budget beyond March 31, 2024
Bamidele explained that the 2023 Supplementary Appropriation passed by the National Assembly and the recent capital releases to MDAs are unlikely to be utilised before March 31, 2024 due to late releases of the fund which will elapse if the capital implementation is not extended till June 30, 2024.
He added that in view of the critical importance of key projects nearing completion , it is expedient to grant the approval to avoid compounding problems of abandoned projects given that some of the projects were not provided for in the 2024 budget.
The bill was thereafter referred to the Committee of the whole and passed for Third Reading.
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A breakdown of the 2023 Supplementary Appropriation Act shows a total N2.17 trillion with N1.01 trillion allocated to recurrent expenditure while N1.16 was earmarked for capital expenditure.
Major capital projects in the budget include; the allocation of N300 billion set aside for the rehabilitation of Eko and Third Mainland Bridges, along with the development, repair, and maintenance of various roads across the country.
The sum of N200 billion is for the provision of seed, agricultural input, supplies, and agricultural implements and infrastructure to support the expansion of production.
The Federal Government also allocated N210 billion for Wage Awards to federal civil servants across the country and about N5.5 billion for the take-off of the student loan programme.
(Editor: Terverr Tyav)
