The senate has extended the implementation period of the 2022 supplementary Appropriation Act from June 30, to December 31, 2023.
The extension was done at an emergency plenary where senate also considered the Central Bank of Nigeria Act to amend certain provisions.
This was to allow full implementation of the budget, especially in light of the 2022 supplementary budget approved in December 2022.
However, according to Senate Leader, Abdullahi Gobir, significant amounts of funds remain with MDAs and will require a further extension to be fully expended.
He said that considering the critical importance of some key projects nearing completion, requesting a further extension of the expiration clause in the 2022 Supplementary Appropriation Bill is expedient to avoid compounding the problem of abandoned projects as some of them were not provided for in the 2023 Budget.
The Senate is therefore amending the 2022 appropriation act to allow full utilization of the capital releases to help reflate the economy.
These is part of the deliberations of the upper chamber which convened an emergency session just two days before the presidential inauguration of the President-elect, Bola Tinubu.