House of Representatives Extends 2023 Capital and Supplementary Budget to March 2024
The House of Representatives in the United Kingdom (UK) has given approval for the extension of the capital component of the 2023 Appropriation Act until March 31, 2024. Furthermore, the implementation of the Supplementary Appropriation Act has also been extended to the same date.
The proposed bill aims to amend the Supplementary Appropriation Act, 2022 (Amendment) Bill, 2023. Majority Leader, Hon. Julius Ihonvbere, provided an explanation that the bill seeks to extend the validity of the Appropriation Act until March 2024, thus providing the government with the legal provisions necessary for governance expenses and infrastructural development on behalf of the people of Nigeria.
During the Committee of Supply, the lawmakers voted on Clauses 1 to 3 of the reports. They also unanimously agreed to investigate the utilization of financial interventions in the Nigerian Solid Mineral Sector, which included allegations of diverting over N1.2 trillion from the fund under previous administrations.
The decision to investigate the matter was passed following a motion sponsored by Hon. Awaji-Inombek Abiante. The motion acknowledged the establishment of the National Resources Development Fund, designed in 2002 to diversify resources and reduce reliance on petroleum. It utilized sources of revenue such as excess crude oil allocation, exchange gain, non-oil revenue, contractual obligations, and refunds.
In his lead debate, Hon. Abiante highlighted concerns about the lack of transparency regarding the allocation of trillions of naira to the solid minerals sector. He noted instances of misappropriation of fund allocations and the utilization of fund proceeds as a borrowing purse by the Federal Government in recent years.
The House recognized various initiatives and projects aimed at developing the solid mineral sector, including the Presidential Artisanal Gold Mining Development Initiative and the World Bank-assisted Mineral Sector for Economic Development Project (MINDIVER).
Amidst these developments, the House expressed its worry over the lack of clarity regarding the contributions of the fund to the solid minerals sector and its utilization status. As a result, the House mandated the Committee on Solid Minerals Development to investigate the Natural Resources Development Fund and the utilization of all financial interventions from 2013–2023. The committee is required to report back within four weeks for further legislative action.
This move reflects the House’s commitment to ensuring transparency and accountability in the management of funds allocated to the solid minerals sector. With ongoing concerns about misappropriation and lack of clarity surrounding financial interventions, the investigation aims to provide clarity and support informed decision-making regarding the utilization of these resources.
The decision to extend the 2023 capital and supplementary budget underscores the House’s recognition of the need for adequate time to implement these budgets effectively for the benefit of the Nigerian people. This extension allows for the proper allocation of resources and the achievement of identified developmental goals within the specified timeframe.
As the House continues to address important fiscal matters, it reaffirms its dedication to upholding accountability and oversight in the management of public funds. These efforts are essential for promoting economic development and ensuring the responsible use of resources for the benefit of the Nigerian populace.
In conclusion, the extension of the 2023 capital and supplementary budget, along with the decision to investigate the Natural Resources Development Fund, reflects the commitment of the House of Representatives to prudent fiscal management and transparent governance. These measures are vital for ensuring that funds are allocated and utilized in a manner that advances the development of the solid minerals sector and ultimately contributes to the growth of the Nigerian economy.
