President Muhammadu Buhari signed into law the amended version of the 2015 budget authorising implementation of N556.9 billion meant for Capital Expenditure up until March 31, 2015.

Recalls that prior to this amendment, previous budget implementation terminated on the December 31 of every fiscal year, while unspent funds were returned to the Consolidated Revenue Fund of the Federation for re-appropriation in the succeeding year.

The Senate and House of Representatives passed the amended 2015 Bill last Tuesday, the same day Buhari presented the 2016 Budget estimates to a joint session of the National Assembly.

With the passage and signing into law, personnel and overhead budgetary provisions in the 2015 budget that were not spent in the life of the fiscal year were expected to hit the Consolidated Revenue Account yesterday.

In a statement made available to journalists in Abuja yesterday, the Senior Special Assistant to the President on National Assembly Matters (Senate ), Senator Ita Enang, confirmed the signing into law of the amended portion of the 2015 budget.

He added that the clarification became necessary to clear the air on the correct position of the Bill as passed by the National Assembly before the lawmakers proceeded on the Christmas and New Year break.

The statement read in parts, “Further to several enquires and calls by legislators, institutions, et al, on the subject, we deem it appropriate to issue this release.

“His Excellency, President Muhammadu Buhari, has assented to the 2015 appropriation amendment Act passed by the National Assembly on December 22 , 2015, (extending the 2015 financial year to March 31st in respect of capital projects).”

Senate President Bukola Saraki had stated that the amendment was to ensure that the Presidency completes ongoing capital projects during the dry season while the 2016 budget estimates submitted by the President goes through the legislative process of scrutiny.

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