May 27, (THEWILL) – The Senate has extended the implementation period of the 2022 Supplementary Appropriation Act from June 30 to December 31, 2023.
The extension was effected at an emergency plenary, presided over by Senate President, Ahmad Lawan, on Saturday.
Senate Leader, Abdullahi Gobir, who confirmed the development, said the extension was to allow full utilisation of funds remaining with MDAs, to be fully expended and avoid compounding the problem of abandoned projects as some were not provided for in the 2023 Budget.
The lawmakers also amended the Central Bank of Nigeria (CBN) Act to increase the total CBN advances to the Federal Government from five percent (5%) to a maximum of fifteen percent (15%).
Gobir, who read the lead debate on the bill, said the proposed amendment was to enable the Federal Government to meet its immediate and future obligation in the approval of the ways and means by the National Assembly and advances to the Federal Government by the Central Bank of Nigeria.
