HomeBusinessN’Assembly extends 2022 budget implementation by six months

N’Assembly extends 2022 budget implementation by six months

The House of Representatives, on Wednesday, approved the extension of the implementation period of the capital component of the 2022 Appropriation Act by six months, from June to December 2023.

The House, as a Committee of Supply, considered and approved the request made by the President, Major General Muhammadu Buhari (retd.), on behalf of the Federal Government.

The legislation was titled ‘A Bill for an Act to Amend the Appropriation Act, 2022 to Extend the Implementation of the Capital Aspect of the Appropriation Act, 2022 from 30 June 2023 to 31 December 2023.’

Based on the request of the Executive arm of the government, the National Assembly had extended the lifespan of last year’s budget from December 31, 2022 to June 30, 2023, before the presidential request for further extension.

The latest extension is coming as Buhari leaves power and Bola Tinubu is sworn in as President on Monday.

The Tinubu administration will be left with concurrent implementation of the 2022 and 2023 Appropriation Acts.

Meanwhile, the House also passed the 2021, 2022 and 2023 budgets of the Niger Delta Development Commission, with the budgetary estimates for the three years totalling N2.29tn.

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