Senate passes bill extending implementation of 2023 budget to March

The Senate on Thursday passed an amendment bill, seeking to extend implementation of the 2023 Appropriation and Supplementary Budget from Dec. 3, to March 31, 2024.

The passing of the bill followed the suspension of senate rule 78 sub (1) to allow for the first and second reading of the bill at plenary.

The bill which was consolidated into one and titled “A Bill for an Act to Amend the 2023 Supplementary Appropriation Act in order to extend the implementation year from Dec. 31, to March, 31 2024” was sponsored by the senate Leader, Bamidele, Opeyemi.(APC -Ekit).

Earlier, before an accelerated passage of the bill, Opeyemi in his lead debate said the bill sought to extend the implementation of the 2023 Appropriation and Supplementary Acts from Dec 31, to March 31, 2024.

He said the extension was to give all Ministries, Departments and Agencies (MDAs) that received allocation in the 2023 supplementary budget more time to execute the proposed projects.

He said the execution of the projects was needed to reflate the economy.

He said the 2023 appropriation and supplementary budget recently passed by the National Assembly and recent 2023 capital releases to MDAs were unlikely to be utilised before Dec. 31, due to late releases of the fund.

According to him, the funds if not utilised will lapse, if the capital implementation was not extended beyond Dec .31.

“In view of the critical importance of some key projects nearing completion, it is expedient to grant extension of the expiration clause to avoid compounding the problem of abandoned projects given that some of the projects were not provided for in the 2024 Budget .

“Hence the need to extend the implementation year from Dec.31, to March, 31 2024,” he said.

“I, therefore urge my colleagues to give their full support to the bill to allow full utilisation of the capital releases in order to help reflate the economy.