In a significant move, the Nigerian Senate has approved the extension of the 2023 supplementary appropriation bill, allowing its implementation to continue until December 31, 2024. The bill, sponsored by Senate Leader Michael Bamidele Opeyemi, facilitates the concurrent execution of the 2023 supplementary budget alongside the 2024 fiscal plan, which amounts to N28.78 trillion.
The emergency plenary session, presided over by Senate President Godswill Obot Akpabio, focused on enabling the executive to finish ongoing projects that had stalled due to funding shortages. Akpabio underscored that the extension aims to ensure the timely completion of these crucial infrastructural undertakings.
President Bola Tinubu had formally requested the Senate’s approval for extending the capital component of the 2023 Appropriation Act and the Supplementary Appropriation Act until the year’s end. This request was driven by the need to address the backlog of unfunded projects from the previous administration’s N21.8 trillion budget, which faced challenges during the transition period.
The move comes amid efforts to revive and prioritize stalled projects essential for national development, reflecting the government’s commitment to infrastructural renewal and economic stability.
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