In an emergency plenary session held on Saturday, the Senate voted to extend the implementation period of the 2022 Supplementary Appropriation Act, pushing the deadline from June 30 to December 31, 2023.

The decision, presided over by Senate President Ahmad Lawan, aims to ensure the full utilization of remaining funds held by Ministries, Departments, and Agencies (MDAs) and to prevent the issue of abandoned projects that were not accounted for in the 2023 Budget.

Senate Leader Abdullahi Gobir confirmed the extension and highlighted the need to avoid compounding the problem of incomplete projects.

The amended timeframe will allow for the proper expenditure of funds by MDAs and address any lingering budgetary gaps.
The lawmakers made amendments to the Central Bank of Nigeria (CBN) Act, specifically pertaining to the total CBN advances to the Federal Government.

The amendment increases the cap on advances from the current five percent (5%) to a maximum of fifteen percent (15%).
During the session, Gobir, who presented the lead debate on the bill, elaborated on the rationale behind the proposed amendment.

The objective is to enable the Federal Government to fulfill its immediate and future obligations in line with the National Assembly’s approval of ways and means, as well as advances to the Federal Government by the Central Bank of Nigeria.

This amendment is expected to provide the necessary flexibility for the Federal Government to meet its financial obligations promptly and effectively.