Extends financial year to March

By Henry Umoru & Joseph Erunke

ABUJA — PRESIDENT Muhammadu Buhari has assented to the 2015 Supplementary Appropriation Act, just as he extended the 2015 financial year to March 31, 2016

The implication of the extension is that the 2015 budget would be effective till March 31, 2016, after which the implementation of the 2016 budget can begin.

The Supplementary Appropriation Bill of N465.64 billion, which the president submitted to the National Assembly on November 8 for consideration, was passed by the legislature on Tuesday, December 22,  before it embarked on the on-going break.

Senior Special Assistant to the President on National Assembly Matter (Senate), Senator Ita Enang, who disclosed this in a  press statement, in Abuja, however, did not state the day the president acted on the supplementary appropriation act document.

Enang said he decided to issue the statement in view of several enquiries and calls by legislators, institutions and other relevant bodies.

The statement, tagged: “2015 Appropriation Amendment Act assented to,” read: “Further to several enquiries and calls by legislators, institutions, et al on the subject, we deem it appropriate to issue this release.

“His Excellency, Muhammadu Buhari, President, C-in C- has assented to the 2015 Appropriation Amendment Act passed by the National Assembly.”

Buhari had submitted the appropriation  bill along with a request to borrow N2.103 trillion for the financial year, 2015.

He expected that a deficit arising from the above would be financed by additional borrowing of N1.601 trillion through the debt management office.


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