Senate extends timeframe for executing the 2023 supplemental budget to June 30
The Senate on Tuesday extended the implementation time for the 2023 supplemental budget from March 31, 2023, to June 30, 2024.The N1.3 trillion extra budget was supposed to go into effect on December 31, 2023; however, the Senate postponed its implementation until March 31, 2024.
However, by passing the executive measure for second and third readings, the Red Chamber accelerated its consideration of Senator Opeyemi Bamidele’s proposal, which further extended the budget’s implementation term.
On Tuesday, the Senate also approved the Federal Inland Revenue Service’s budget for 2024, which amounts to N446,342,656,992.00.
To prevent exacerbating the problem of abandoned projects, Senate Leader Senator Opeyemi Bamidele (APC Ekiti Central) presented the bill and indicated that it was expedient to give an extension of the expiration provision due to the essential relevance of some near-completed projects.
It is now more efficient to prolong the execution of both acts until June 30, 2024, as Senator Bamidele pointed out, because some of the projects were not included in the 2024 budget due to legislative reasons.
If the measure were to succeed, he said again, the capital releases could be fully utilised to help reflate the economy.Subsequently, after reviewing the measure in the Committee of the Whole, the Senate approved it.
By Nnaemeka Odenigbo
