The Nation Newspaper 2023 budget extension targets 100% project execution – Presidency
request to extend implementation of the capital component of the N21.83 trillion 2023 Appropriation Act, and the N2.1 trillion 2023 Supplementary Appropriation Act, till December 31, 2024.
“There’s really no issue here. The National Assembly has already explained its reason for this. There are many projects in the 2023 Budget and the Supplementary Budget that have not been executed. The idea is to achieve the implementation of such projects in the previous budgets. However, a source in the National Assembly said since the legislature has performed its role of lawmaking by acceding to the request of the executive to extend the implementation of the capital components of the two fiscal documents, they will become law once assented to by the President.The source added that after the assent of the President, the National Assembly no longer have a role there except if the executive calls for amendments of any part of documents.
Earlier justifying the extension, Senate Leader, Opeyemi Bamidele said the action would help to fully implement the capital components of the Appropriation Acts. In a statement, the President of NACCIMA, Dele Oye Esq., who commended the decision which demonstrates a commitment to completing vital projects that are crucial for national development, said it must be carefully managed to avoid adverse effects such as inflation and currency devaluation.
“Moreover, the Central Bank of Nigeria has been implementing stringent monetary policies to curtail the amount of naira in circulation. These measures are designed to stabilize the currency and control inflation. An influx of funds from the extended budget implementation could counteract these efforts, creating a challenging economic environment where the CBN’s policies may lose their effectiveness.
Oye added, “While extending the implementation of the capital component of the 2023 budget holds significant promise for completing critical projects and stimulating economic growth, it is essential to proceed with caution. The potential adverse effects of injecting too much money into circulation, especially in the context of the CBN’s current monetary policies, cannot be overlooked.
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