The Senate Tuesday extended the implementation period for the 2023 supplementary budget from March 31, 2024, to June 30, 2024.
The Senate had in December 2023, extended implementation of the N1.3tn supplementary budget from December 31, 2023, to March 31, 2024.
But the Red Chamber in making further extension of the implementation period for the budget, gave an executive bill sponsored to that effect by its Leader, Senator Opeyemi Bamidele, 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.
The action of the Senate followed its adoption and approval of the recommendation of its Committee on Finance which considered the budget.
The Chairman of the Committee, Senator Sani Musa (APC – Niger East) presented the report.
Of the sum, according to the report, N177,441,479,682.00 is for Personnel Cost, N156,454,385,053.00 is for Overhead cost and N112,446,822,255.00 is for capital expenditure.
The committee observed, “The Service Year 2024 budget estimates is based on Zero Based Budgeting.
“That the 2024 projected Cost of Collection of N446.34bn is 39 per cent 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 bonus for the year.”
He added, “The increase in overhead projection can be attributed to the need for more robust operational activities which 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 which are to be executed during the 2024 financial year. These are as a result of expected completion of projects, payment of retention on completed projects and some new projects for effective revenue drive.”
The Senate in another legislative 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 Mukhtar Dan’amu.
Confirmations of the nominees were 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 for amendment of 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.
“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 warrant arrest of arrest for effective execution of extradition requests.”
