Friday, August 19, 2022
MARKET UPDATE
Advertisement

TheCable

Senate extends 2021 budget implementation to May

Senate extends 2021 budget implementation to May
April 05
19:27 2022

The senate has extended the implementation of the 2021 budget from March 31 to May 31, 2022. 

The development occurred after it considered a bill to amend the 2021 appropriation act.

Before considering the bill, the senate suspended Rule 78(1) of standing order 2022 (as amended) to introduce and pass the bill.

The bill, sponsored by Yahaya Abdullahi, senate leader, was read during plenary on Tuesday for the first, second, and third time after the suspension of Rule 78(1).

Advertisement

Leading debate on the bill, Abdullahi said the appropriation act in the past was passed mid-year, with its implementation usually extended to the following year.

“In previous appropriation act, these extensions were usually covered by a clause,” he said.

“The clause is in line with the provisions of section 318 of the Constitution of the Federal Republic of Nigeria that the act runs for a period of 12 months, starting from the date it comes into effect.”

Advertisement

He observed that clause 12 of the provisions of section 318 of the constitution provided that the 12-month period started from the first day of January to December 31, 2021.

He said the 2022 appropriation act was amended to extend the implementation from December 31, 2021, to March 31, 2022.

He added that the extension of the budget period became imperative because of the need to complete ongoing projects.

“As you are aware, the 2021 virement of the aggregate sum of N276 billion was approved for several MDAs by the National Assembly in December 2021 along with 100 percent release of the 2021 capital budget of the MDAs,” he added.

Advertisement

“A significant portion of the releases to the MDAs has been utilised following the extension to March 31. In view of the critical importance of some key projects nearing completion, it is expedient to grant further extension of the expiration clause.

“This is to avoid compounding the problem of abandoned projects given that some of the projects were not provided for in the 2022 budget hence the need to extend the implementation year from March 31 to May 31.”

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment