The Nigerian Senate has passed a Bill extending the implementation period of the N1.3 trillion 2023 supplementary budget from March 31 to June 30, 2024.
The Senate, had, in December 2023, extended the implementation of the budget from December 31, 2023, to March 31, 2024, to give all Ministries, Departments and Agencies that received allocation more time to execute proposed projects.
The “bill for an Act to Amend the 2023 Supplementary Appropriation Act, to extend the implementation year from 31st March 2024 to 30th June 2024, and for related matters” sponsored by Bamidele Opeyemi, the Senate leader, received expeditious consideration as it passed the second and third reading during plenary on Tuesday.
Bamidele said the budget could not be expended due to the late release of funds and sought an extension to the expiration clause of the Act.
He argued that an extension is critical to avoid compounding the problem of abandoned projects, as well as allow its full ill utilization to reflate the economy.
Also, the Senate approved N1.282 as 2024 statutory budget of Federal Capital Territory (FCT).
Senate passes N1.28tn FCT 2024 budget
The budget was approved after the consideration of the harmonised report of the Senate and House of Representatives Committees on FCT.
Ibrahim Bomai, Chairman of the Committee while presenting the report said that the FCT had proposed N1. 15 trillion for the 2024 fiscal year.
Bomai informed that the committee after its deliberation, recommended N1.28 trillion.
Of the projected revenue, N140 billion is for personnel cost, N373 billion is for overhead cost while N768 billion is for capital projects.
