House Of Reps Approves N819bn Capital Budget For Second Half Of 2023

• House of Representatives approved an amendment to extend the implementation year of the capital

• Buhari had requested approval for the capital expenditure component of the budget due to devastating floods.

• Additionally, the House passed a bill for an Act to amend the Central Bank of Nigeria Act, 2007.

EKO HOT BLOG reports that the House of Representatives recently held an emergency sitting and passed an amendment to the 2022 N819 billion supplementary appropriation Act, extending the implementation year of the capital aspect from June 30, 2023 to December 31, 2023.

Amidst the consideration of the bill, the Speaker of the House of Representatives, Rep. Femi Gbajabiamila presided over a rowdy session and made several attempts to bring order to the proceedings but ultimately failed.

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The emergency sitting was called by the leadership of the House in light of the impending inauguration of the President-elect, Sen Bola Tinubu on May 29.

The bill presented at the sitting was titled “A for an Act to Amend the Supplementary Appropriation Act to extend the Implementation year of the Capital Aspect from 30 June, 2023 to 31 December, 2023.”

Prior to this development, outgoing President Muhammadu Buhari had sent a letter to the Speaker requesting approval for the capital expenditure component of the 2022 budget to be financed through new domestic borrowings.

This request arose due to the devastating effects of floods on farmlands and road infrastructure, which necessitated the need for additional funding.

Buhari approved the supplementary 2022 appropriation of N819,000,536,937, all of which were allocated to capital expenditure. He also noted that the supplementary budget would be financed through additional domestic borrowings, raising the budget deficit for 2022 to 8.17 trillion and the deficit GDP ratio to 4.43 percent.

In addition to the passing of the supplementary appropriation Act, the House also passed a Bill for an Act to amend the Central Bank of Nigeria Act, 2007, and related matters at the Committee of the Whole.

Furthermore, a bill for an Act to Repeal the Produce and Enforcement of Export Standards Act 2004 and Enact the Federal Produce Inspection Service Enforcement of Export Standards was considered during the session.

The aim of this bill is to provide for the inspection and enforcement of grades and quality standards of produce and commodities intended for export from Nigeria at ports of shipment.

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The Nigerian House of Representatives’ emergency sitting resulted in the passage of an amendment to the 2022 N819 billion supplementary appropriation Act, extending the implementation year of the capital aspect as well as the consideration and passing of other bills.

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