March 28, (THEWILL) – The House of Representatives has extended the life of the capital component of the 2022 budget and the supplementary budget to June.
The N5.47 trillion capital budget and the N819 billion were due to expire on 31 March but have now been extended till 30 June.
The extension followed an amendment of the N17 trillion 2022 Appropriation Act by the House on Tuesday.
The sponsor of the motion, Muktar Betara (APC, Borno), who is the Chairman of the House Committee on Appropriations, stated that the amendment will allow the executive to fully implement the budget.
Mr Betara had attempted to proceed by way of a motion but was guided by the presiding officer, Deputy Speaker Idris Wase, who noted that an Act cannot be amended by a motion.
Mr Betara, therefore, moved it as a bill, and it was given a swift passage by the House, as the second and third readings of the bill were taken within 10 minutes.
This amendment is the second amendment of the 2022 Appropriation Ac
The National Assembly had in December passed A Bill for an Act to Amend the Appropriation Act, 2022 to extend the implementation of the capital aspect from 31 December, 2022 to 31 March, 2023.
With the amendment, the incoming administration will be implementing the capital component of the 2023 budget
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
