The lawmakers are planning to extend the two budgets till 31 December.
The two chambers of the National Assembly are set to hold an emergency session on Thursday to extend the capital aspect of the 2023 Appropriation Act and the Supplementary Appropriation Act to beat the 30 June expiry date.
The Senate and the House of Representatives have cut short their Eid Kabir holiday to convene in Abuja to approve President Bola Tinubu's request, which cannot wait until their 2 July resumption date.
The lawmakers were initially scheduled to resume on Tuesday.
PREMIUM TIMES gathered that the lawmakers have been summoned back to extend the lives of the two Acts, which will expire on Sunday.
The plan is to extend the implementation of the two budgets until 31 December 2024.
The two bills have been listed on the Order Paper as items one and two for consideration:
1. A Bill for an Act to Amend the Appropriation Act 2023, to further extend the implementation of the capital aspect of the Appropriation Act 2023 from 30 June 2024 to 31 December 2024.
2. A Bill for an Act to Amend the Supplementary Appropriation Act 2023, to further extend its implementation from 30 June 2024 to 31 December 2024 and for Related Matters.
They are expected to be passed through first, second, committee of supply, and third readings.
This would be the third time the two legislations have been extended by the current administration.
Inherited budgets
President Tinubu inherited the N21.8 trillion budget from his predecessor, Muhammadu Buhari.
However, the capital component of the budget suffered during the transition period, as the majority of the projects in the 2023 budget were not funded while the new administration settled in.
Mr Tinubu also inherited the N819 billion 2022 supplementary budget from the last administration.
In July 2023, the president sent an amendment to the National Assembly to amend the N819 billion budget.
The amendment included a N70 billion package for the National Assembly and N500 billion for palliatives and other capital expenditures to cushion the effect of the recent fuel subsidy removal policy.
In October 2023, Mr Tinubu sent a N2.17 trillion 2023 supplementary budget to the National Assembly for approval. According to the president, the majority of the items in the budget were for tackling insecurity.
However, a review of the budget by PREMIUM TIMES showed some frivolous items.
For instance, there was N28 billion for the purchase of luxury cars for the president, the first lady, and the renovation of the president's residence, among other allocations for the State House. There was also the controversial N5 billion for the presidential yacht.
Meanwhile, a large portion of the N2.17 trillion was allocated to the security sector.
Previous amendments
The Acts were first extended on 31 December 2023 for a period of three months. They were extended to 30 March 2024.
The extension was a sequel to a request by President Tinubu via a letter to the two chambers of the National Assembly.
Shortly before the expiry date, the president made another request for the extention of the two budgets until 30 June 2024, which the lawmakers gave speedy passage.
In the House, the bills went through the three stages on the same day.
In the Senate, the request was given the same speedy passage. The Deputy Senate President, Barau Jibrin, who presided over the session, said the extension was necessary to prevent abandoned projects in the country.
"The request came from the president today. It is quite necessary to get this passed so that the capital component of the 2023 Appropriations Act can be fully implemented.
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"If we don't do this, we will create room for abandoned projects. We therefore urge the MDAs and contractors to fast-track all the projects that are under implementation across the country," the deputy senate president said during the last request.
Defence procurement
PREMIUM TIMES gathered that the move to extend the two budgets is to allow some agencies that have just started the procurement process to complete it.
According to some sources, security agencies have just started receiving funding for procurement and may be affected if the budget is allowed to expire on Sunday.
For instance, the Ministry of Defence has N476 billion in the N2.17 trillion supplementary budget while police formations and commands have N50 billion there.
The Office of the National Security Adviser (ONSA) and the State Security Services (SSS) have N29.7 billion and N49 billion respectively.
Meanwhile, if this budget is extended, the country will be running three budgets until the end of the 2024 financial cycle.
