The Senate has granted approval for an extension in the implementation period of the supplementary appropriation bill, allowing it to stretch beyond its initial deadline of December 31, 2023, until March 31, 2024.
This decision followed an amendment presented by the Leader of the Senate, Senator Opeyemi Bamidele, concerning the 2023 Appropriation Bill and the 2023 Supplementary Appropriation Bill. The extension was necessary to align with the 12-month budget cycle from January 1st to December 31st, 2023, as outlined in the 2023 Appropriation Act.
Senator Bamidele emphasized that the funds allocated in the 2023 supplementary appropriation bill might go underutilized without an extension, highlighting the importance of extending the capital implementation period.
The bill underwent a voice vote after the third reading, with the President of the Senate, Godswill Akpabio, confirming the approval from the senators.
Providing context, in October, the Federal Executive Council (FEC) sanctioned the N2.17 trillion supplementary budget, a nod subsequently granted by the National Assembly. While there was an initial suggestion from the Minister of Finance, Wale Edun, that the 2023 supplementary budget would run concurrently with the 2024 budget, the recent approval extends its stand-alone period.
Breaking down the 2023 supplementary budget, N1.01 trillion was designated for recurrent expenditure, and N1.16 trillion was earmarked for capital expenditure. Notable projects include a substantial allocation of N300 billion for rehabilitating Eko and Third Mainland bridges, alongside developing, repairing, and maintaining national roads.
Additionally, N200 billion is allocated to provide seed, agricultural inputs, supplies, and agricultural infrastructure, supporting the expansion of production. The federal government has earmarked N210 billion for wage awards to federal civil servants nationwide, and about N5.5 billion is set aside for the commencement of the student loan program in January.
