President Bola Tinubu has asked the Senate, to further extend the implementation period for the capital component of the ₦21.83trillion 2023 budget, and the ₦2.17trillion 2023 supplementary budget from June 30 to December 31, 2024.
This was made known on Thursday, as President of the Senate, Godswill Akpabio, chaired the plenary at the resumption of a new legislative session.
Both Chambers had in December 2023, extended the implementation period of the capital component of the budget for the fiscal year from December 31, 2023 to March 31, 2024, along with the ₦2.17trn 2023 Supplementary budget passed in November, 2023.
Again, on the 19th and 20th of March this year, a further extension was sought by the president for the implementation period from March 31, 2024, to June 30, 2024.
The Senate president said the request would be deliberated in a committee of the whole, after they reconvene from a closed-door session.
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The Senate has also observed a minute silence in honor of the late Deputy Controller of Customs, Etop Essien, who passed on Tuesday at the National Assembly, while answering questions from members of the House of Representatives Committee on Public Account.
President Tinubu inherited the N21.8 trillion budget from his predecessor, Muhammadu Buhari.
However, the capital component of the budget suffered during the transition period, as many of the projects in the 2023 budget were not funded while the new administration settled in.
Mr Tinubu also inherited the N819 billion 2022 Supplementary Budget from the last administration.
In July 2023, the president sent an amendment to the National Assembly to amend the N819 billion budget.
The amendment included a N70 billion package for the National Assembly and N500 billion for palliatives and other capital expenditures to cushion the effect of the recent fuel subsidy removal policy.
In October 2023, Mr Tinubu sent a N2.17 trillion 2023 supplementary budget to the National Assembly for approval. According to the president, the majority of the items in the budget were for tackling insecurity.
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