Posted by The Senate changed the 2022 Appropriations Act so that it would go into effect in March 2023 rather than 2022.
President Muhammadu Buhari asked for a revision to the Act to lengthen the implementation term in a letter that was read aloud on Tuesday by Senator Ahmad Lawan, President of the Senate.
“A Bill for an Act to Amend the 2022 Appropriation Act in Order to Extend the Implementation Year from the 31st December 2022 to the 31st March 2023 and For Related Matters, 2022,” was the title of the act ( SB.1092 ).
The goal of the Act’s amendment is to prevent the problem of abandoned projects by ensuring the implementation of important capital projects that have not yet received funding.
Additionally, the Senate gave final approval to the supplemental budget for 2022.
Recall that President Muhammadu Buhari had earlier pushed for the approval of a supplementary budget of N819.5 billion, which would have been paid for with additional domestic borrowing.
Following disastrous floods that swept the country, the additional budget is reportedly intended to address issues with food security as well as damage to the water and transportation systems. The supplementary budget will require additional borrowing to be paid for, pushing up the deficit to N8.17 trillion.
The Senate Committee on Finance suggested that the supplemental budget be approved.