Abuja, May 27, 2023 – The Senate has extended implementation period for N819 billion 2022 Supplementary Appropriation Act to December 31, 2023.
The Senate took the decision at an emergency session on Saturday, May 27.
The session also amended the 2004 Act of the Central Bank of Nigeria (CBN) for increase of threshold of Ways and Means borrowings from five percent to 15 percent.
Senate President, Ahmad Lawan, said the expeditious passage of the two legislations arose from the need to be on the same page with the House of Representatives which had passed the legislations since Wednesday this week.
He said the N819 billion 2022 supplementary budget approved for the executive by both chambers in December last year, had 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”, Lawan said.
The Senate also gave the second legislation, “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.
The amendment was granted by the Senate on the CBN Act to widen the scope of Ways and Means issuance by the CBN to the Federal Government from five percent of total revenue generated in the previous year to 15 percent. (GBN)
