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Nigeria Extends Life Span of 2023 Supplementary Budget 

Nigeria Extends Life Span of 2023 Supplementary Budget 

Nigeria’s President, Bola Ahmed Tinubu has signed the supplementary budget 2023, into law, which will now run until March 31st, 2024.

The Speaker of the House of Representatives, Tajudeen Abbas made this known on at the Presidential Villa while speaking to Journalists on the recently signed bills and the 2024 Appropriation Act by President Bola Ahmed Tinubu.

Abbas explained that “the President signed two other bills. The first one is the supplementary appropriation bill of 2023, which he has agreed to extend by 90 days. So, it will continue to work concurrently with the 2024 budget up to March 31.

“He has also approved the 2023 main budget to concurrently operate with the capital component of the 2024 budget up to March 31, 2024,” The Speaker said

Abbas further said that the President approved the securitisation of the ways and means that has been successfully brought to an end.

“Another landmark achievement we had was also approving the securitisation of the ways and means that have effectively brought to an end these controversial means and ways of borrowing money. And he has assured Nigerians that this will be the last of this kind of ugly incident,” he added.

Meanwhile the President of the Senate, Godswill Akpabio, who addressed State House Correspondents earlier said that the legislature would be working closely with the executive to monitor the budget’s implementation, given the President’s earlier directive.

“So we have already enjoined all our committees to get to work. And that means the President has also pointed out that it’s good to have a monthly report from the ministers or the MDAs and any head of any agency or minister found wanting to have to find his way out of his administration, with that instruction and order.

“With that directive from the President. Ours is to monitor what goes on to ensure that, indeed, it is one thing to do a budget; it is another thing for the budget to be fully implemented,” Akpabio said.

He defended the move N27tn President Tinubu proposed last November to N28tn, saying it had “very verifiable justifications.”


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