Senate extends implementation period for 2023 supplementary budget to June 30

Friday Ajagunna
Friday Ajagunna

The Senate on Tuesday extended the implementation period for the 2023 supplementary budget from March 31 to June 30, 2024.

The Senate, had, in December 2023, extended the implementation of the N1.3 trillion supplementary budget from December 31, 2023, to March 31, 2024.

But the Red Chamber, in making a further extension of the implementation period for the budget, gave an executive bill sponsored to that effect by its leader, Senator Opeyemi Bamidele, for expeditious consideration by passing it for second and third readings.

Similarly, the Senate on Tuesday passed the sum of N446,342,656,992.00 as the 2024 budget of the Federal Inland Revenue Service.

This followed its adoption and approval of the recommendation by its Committee on Finance, which considered the budget.

The committee chairman, Senator Sani Musa (APC, Niger East), presented the report.

According to the report, N177,441,479,682.00 is for personnel costs, N156,454,385,053.00 is for overhead costs, and N112,446,822,255.00 is for capital expenditures.

The committee observed that “the service year 2024 budget estimates are based on zero-based budgeting.

“That the 2024 projected cost of collection of N446.34bn is 39% higher than the 2023 approved budgeted cost of collection, which stood at N320.90bn.

“The personnel cost is based on staff strength on the payroll, including social benefits (such as NHIA, pension contribution, etc.) and anticipated performance bonuses for the year.”

He added, “The increase in overhead projection can be attributed to the need for more robust operational activities that are critical in driving the achievement of service core objectives, e.g., tax automation projects and other critical ones that relate directly to tax collection and administration.

“The capital cost estimates include ongoing and new projects that are to be executed during the 2024 financial year. These are as a result of the expected completion of projects, the payment of retention on completed projects, and some new projects for an effective revenue drive.”

The Senate, in another decision taken on Tuesday, confirmed four persons as managing and executive directors of the Asset Management Company of Nigeria.

Gbenga Alade was confirmed as the Managing Director of AMCON, while those confirmed as Executive Directors include Adeshola Lamidi, Lucky Adaghe and Dr. Aminu Dan’amu.

The confirmation of the nominees was a sequel to requests made to that effect by President Bola Tinubu through a letter forwarded to the Senate last month.

The Senate also passed, for a second reading, the bill seeking an amendment to the Extradition Act.

In his lead debate on the general principles of the bill, Senator Opeyemi Bamidele said, “The Extradition Act is the legislation that governs the process by which Nigeria can request and obtain the surrender of a person from another jurisdiction who is accused or convicted of a criminal offence outside the requesting jurisdiction’s territory.

“The Act is today set for amendment to ensure compliance with Nigeria’s obligation to the international bodies in the fight against money laundering and terrorism financing and also to ensure the delisting of Nigeria by the ICRG from the grey list through compliance.

“The amendment Bill has been read on the floor of both houses (the Senate and the House of Representatives), respectively.”

The Senate Leader added that “Section 2 subsection 1 of the Act is amended to allow Nigeria to accede to extradition requests from countries with which Nigeria has signed an extradition treaty – as opposed to only commonwealth countries, as is the case today. The present position of the Act applies only to countries within the Commonwealth and any other country with whom Nigeria establishes an extradition treaty or arrangement.

“Section 7 subsection 4 of the Act is amended to properly set out the procedure for issuance of warrants of arrest for effective execution of extradition requests.”

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