From Fred Itua, Abuja
The Senate, yesterday, at an emergency session, extended the implementation period for the N819 billion 2022 Supplementary Appropriation Act to December 31, 2023.
The Red Chamber at the session, also amended the 2004 Act of the Central Bank of Nigeria (CBN) for increase of the threshold of Ways and Means borrowings from 5% to 15% of total revenue generated the previous year.
Speedy consideration and passage given the two legislations, according to the Senate President, Ahmad Lawan, arose from the need by the Senate to be on the same page with the House of Representatives that had earlier done so on Wednesday.
Lawan said the N819 billion 2022 supplementary budget approved for the Executive Branch by both chambers in December last year, had not been implemented due to lack of releases.
His words: «The supplementary budget meant for fixing of critical infrastructure destroyed by flood across the country last year, has not been implemented due to non-releases of appropriated funds.
“As explained and requested for, by the Executive, the duration of implementation will now be extended from June 30, 2023 earlier fixed to December 31, 2023.”
Accordingly as moved and presented by the Leader, Senator Ibrahim Gobir, the Senate considered and passed the bill presented to that effect.
Similarly, the Senate gave the second legislation titled: “A Bill for an Act to Amend the Central Bank of Nigeria Act C4, Laws of the Federation of Nigeria 2004 and for Other Matters Connected Thereto, 2023 (SB. 1125)”, expeditious consideration and passage.
Amendment carried out by the Senate on the CBN Act basically widens the scope of Ways and Means issuance by the CBN to the Federal Government from 5 per cent of total revenue generated in the previous year to 15 per cent.