FG extends tenure of 2016 capital budget to May

FG extends tenure of 2016 capital budget to May

The Accountant-General of the Federation, Idris Ahmed has issued a circular extending the tenure of the capital elements of the 2016 Budget to May 5, 2017.

A statement by Salisu Dambatta, Director (Information) stated that capital component of the 2016 budget would extend until May 5, 2017 pending when the budget is passed.

The statement urged Federal Ministries, Departments and Agencies to take note of the new development.

It quoted the Accountant-General as saying that Finance Minister Kemi Adeosun had announced the extension of “Capital elements of the 2016 Budget until May 5, 2017 or the passage of the 2017 Budget, whichever is the earliest”.

Recall that President Muhammadu Buhari had signed the 2016 budget on May 6, 2016.

On Monday, Chairman Senate Committee on Appropriations Danjuma Goje declared that the 2017 budget may be passed before May 2017.

This came as the Senate disclosed that the lifespan of the 2016 budget would end on May 5, 2017.

The Appropriations Committee chairman warned heads of Ministries, Departments and Agencies (MDAs) to desist from the practice of “mopping up” of  funds at the end of March, 2017 stating that there was no reason for that.

Speaking to journalists at the National Assembly on Monday, Goje said the National Assembly maybe compelled to extend the validity period of the budget, in the event that  it is unable to pass the 2017 Appropriation Bill on or before the midnight of 5th of May, 2017.

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