Breaking: Senate extends implementation of 2022 N819bn supplementary budget

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The Senate at an emergency session on Saturday May 27, 2023 extended implementation period for N819billion 2022 Supplementary Appropriation Act to December 31, 2023.

The red chamber at the session, also amended the 2004 Act of the Central Bank of Nigeria ( CBN) for increase of threshold of Ways and Means borrowings from 5% to 15%.

Expeditious consideration and passage given the two legislations according to the Senate President, Ahmad Lawan, arose from the need by the Senate to be on the same page with the House of Representatives that had earlier done so on Wednesday this week.

He specifically said the N819billion 2022 supplementary budget approved for the executive by both chambers in December last year , has not been implemented due to lack of releases.

“The supplementary budget meant for fixing of critical infrastructure destroyed by flood across the country last year , has not been implemented due to non releases of appropriated funds.

‘As explained and requested for, by the executive , the duration of implementation , will now be extended from June 30, 2023 earlier fixed , to December , 31, 2023 ” , he said.

The Senate accordingly, as moved and presented by its leader , Senator Ibrahim Gobir ( APC Sokoto East ) , expeditiously considered and passed the bill presented to that effect.

Similarly, the Senate gave the second legislation titled: “A Bill for an Act to Amend the Central Bank of Nigeria Act C4 Laws of the Federation of Nigeria 2004 and for Other Matters Connected Thereto, 2023 (SB. 1125), expeditious consideration and passage.

Amendment carried out by the Senate on the CBN Act, basically widens the scope of Ways and Means issuance by the CBN to the Federal Government from 5% of total revenue generated in the previous year to 15% .