Once again, the Senate extends the duration of the 2024 budget

The Senate, Tuesday, extended the period of implementation of the capital component N13.1trilion of the N34Trilion 2024 budget after one previously done, in December last year.

The implementation period for the capital component of the budget was previously set for January 1, 2024 to 31 December 2024, but extended in December 2024 to 30 June 2025.

However, in the light of many projects related to budgets that have not yet been carried out, the Senate Tuesday in Pleny, as content in a bill of amendment sponsored by its president, Senate Committee for the allocations, Senator Solomon Adeola, extended the duration of the life of the capital on 31 December 2025.

Senator Adeola in his main debate on the law on the amendment for the extension of the period of implementation of the capital component, said that the need for a new extension was to allow full implementation of the financial statements to allow use effectively, a large percentage of funds issued.

“Given the critical importance of some key projects that approach the completion, the extension of the expiry clause is appropriate to avoid aggravating the problem of abandoned projects.

“Therefore, I urge my colleagues to give their full support to the account to allow full use of capital versions for six months to reflect the economy,” he said.

In their contribution, many of the senators who spoke expressed their anger on the request for a new extension of the implementation period for the capital component of the 2024 budget.

They complained that there was nothing to show for the previous extensions granted in terms of execution of the project.

In particular, Senator Yahaya Abdullahi (APC Kebbi North) said: “The credibility of this government is going down. There has never been a moment in the history of the national assembly in which the appropriation bill is extended twice in a cycle.

“The executive arm of the government must explain to the Nigerians what is happening.”

Also in his contribution, Senator Seriake Dickson (PDP Bayelsa West), said that although the request should be granted but the relevant committees of the Senate, must discover why the capital members of the budget are not in progress.

“We did not oppose in principle to the extension as the leader of minorities and my colleagues spoke.

“But I join the need to investigate. We need our relevant committees to do it. Why don’t we have enough money to implement the budget?

“We have all supported the withdrawal of foreign subsidies. Which means that there is even more money. All other levels of government are getting a lot more money. Some of us have managed the recessions for six years. Now they are getting so much money. State governments and the local government, which is good. So this means that money or availability of money is not the challenge.

“Our committee, in fact both committees led by the allocation committee and perhaps also by the Finance Committee, jointly, within the next week, undertake an investigation and refer to us because this happened, so as not to have this again,” he said.

However, in his closing observations, the vice -president of the Senate, senator Barau Jibrin who chaired the session, said that the committees are always up to their turnover and that the executive is already working to make the most of the extension.

As a result, the Senate extended the period of implementation of the capital component N13.1trilion of the 2024 budget by Bill sponsored in this sense, rapid consideration from the first reading to the third reading, all in a session.