On Tuesday, the Nigerian Senate made a significant decision regarding the 2023 supplementary budget, extending its implementation period. Originally set to end on March 31, 2024, the deadline for the budget’s execution has now been moved to June 30, 2024. This extension allows for more time to carry out the planned activities and ensure that the funds are properly utilized.
The Senate had previously extended the implementation period for the budget in December 2023. At that time, the original deadline of December 31, 2023, was pushed forward to March 31, 2024. However, during a recent session, the Senate felt that more time was necessary for the proper execution of the N1.3 trillion supplementary budget. As a result, they made the decision to extend the deadline once again, giving government agencies and departments a few extra months to complete their allocated projects.
To make this extension official, the Senate quickly moved to consider an executive bill. This bill, which was sponsored by Senator Opeyemi Bamidele, the Senate Majority Leader, was debated and passed through the second and third readings on the same day. This is an indication of how important the matter was to the Senate, as it was given expedited attention to ensure that the government has enough time to complete the necessary activities associated with the supplementary budget.
In another development on the same day, the Senate also confirmed the appointments of four individuals to key positions within the Asset Management Company of Nigeria (AMCON). These appointments are crucial for the effective operation of AMCON, which plays a significant role in managing bad debts and helping to stabilize the Nigerian financial system.
The new Managing Director of AMCON is Gbenga Alade, who will take on the responsibility of overseeing the company’s operations. In addition to Alade, three individuals were confirmed as Executive Directors: Adeshola Lamidi, Lucky Adaghe, and Dr. Aminu Mukhtar Dan’amu. These appointments were made following a request from President Bola Tinubu, who forwarded the names of the nominees to the Senate last month. The Senate reviewed the qualifications and credentials of the nominees before giving their confirmation.
These decisions, made by the Senate on Tuesday, are part of the ongoing work of the legislative body to ensure that the government functions effectively and that important roles in public institutions are filled with competent individuals. The Senate’s quick action on the supplementary budget extension and the confirmations for AMCON demonstrate its commitment to overseeing the government’s activities and making sure that the nation’s resources are properly managed.
In summary, the Senate extended the implementation period for the 2023 supplementary budget until June 30, 2024, providing more time for the government to utilize the allocated funds. They also confirmed the appointments of new leaders for AMCON, ensuring that the organization has the leadership it needs to continue its important work. These actions reflect the Senate’s ongoing efforts to contribute to the proper functioning of the Nigerian government and economy.
