The Senate has amended the 2022 Supplementary Appropriation Act to extend the implementation year from the 30th of June to the 31st of December, 2023. The National Assembly extended the implementation of the 2022 Supplementary Appropriation Act from 31st December 2022 to 31st March 2023.
This was to allow full implementation of the budget, especially in light of the 2022 supplementary budget approved in December 2022. The extension had allowed the Ministries, Departments, and Agencies (MDAs) of government to utilise a large proportion of funds released to them. 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.
Also during the session, the Senate amended the Central Bank of Nigeria (CBN) Act to increase the total CBN advances to the Federal Government from five percent (5%) to a maximum of fifteen percent (15%).