Breaking: Senate amends 2022 Appropriation Act

 The Senate amended the 2022 Appropriation Act on Wednesday to move the implementation date from December 2022 to March 2023.

The amendment to the 2022 Appropriation Act, according to the Upper chamber, is to ensure the implementation of key capital projects in the act that have not yet been funded.

To avoid the problem of abandoned projects, the Senate believes that the capital budget should be extended.

Meanwhile, the Senate has approved the Supplementary Budget for 2022.

President Muhammadu Buhari requested that the N819.5 billion Supplementary Budget be passed, with the funds coming from additional domestic borrowing.

The supplementary budget is intended to address food security in the aftermath of the country's devastating floods, as well as damage to road infrastructure and the water sector.

The supplementary budget is to be funded by additional borrowing and will increase the budget deficit to 8.17 trillion naira.

The Senate committee on Finance recommended that the Senate approved the supplementary budget. The supplementary budget is for the ministry of Agriculture, Water Resources, FCT and Works.