December 28, 2022

The Senate on Wednesday, amended the 2022 Appropriation Act to extend the implementation period from December 2022 to March 2023.

According to the Upper chamber, the amendment of the 2022 Appropriation Act is to ensure the implementation of key capital projects in the act which have not been funded as of this time.

Channels Television reports that the Senate said it is expedient that the capital budget be extended to prevent the problem of abandoned projects.

Meanwhile, the Senate has passed the 2022 Supplementary Budget.

President Muhammadu Buhari sought the passage of N819.5 billion Supplementary budget to be financed through additional domestic borrowing.

The supplementary budget is to address food security following devastating floods across the country, as well as Damages to road infrastructure and water sector.

The supplementary budget is to be funded by additional borrowing and will increase the budget deficit to 8.17 trillion naira.

The Senate committee on Finance recommended that the Senate approved the supplementary budget. The supplementary budget is for the ministry of Agriculture, Water Resources, FCT and Works.