The Senate has amended the 2022 Appropriation Act to extend the implementation period from 2022 to March 2023.
President Muhammadu Buhari, in a letter read on Tuesday by the President of the Senate, Senator Ahmad Lawan, was seeking an amendment to the Act for an extension of the implementation period.
The act was titled, ”A Bill for an Act to Amend the 2022 Appropriation Act in Order to Extend the Implementation Year from the 31st December 2022 to 31st March 2023 and For Related Matters, 2022 ( SB.1092 ).
The amendment of the Act is to ensure the implementation of key capital projects which have not been funded as of this time to prevent the problem of abandoned projects.
Meanwhile, the Senate also approved the 2022 Supplementary Budget.
Recall that President Muhammadu Buhari had earlier sought the passage of N819.5 billion supplementary budget to be financed through additional domestic borrowing.
The supplementary budget is said to address food security following devastating floods across the nation, as well as damages to road infrastructure and the water sector. The supplementary budget which will increase the budget deficit to N8.17 trillion is to be funded by additional borrowing.
The Senate Committee on Finance recommended the approval of the supplementary budget.