Senators on Tuesday faulted another request to extend the capital component of the 2024 budget by another six months to 31st December, 2025.

Expressing disbelief over the development, they questioned whether Nigeria had exhausted its money in the midst of some policy measures introduced by the government, including removal of fuel subsidy, new tax regimes, and the freeing up of more funds to state governors.

Several senators called for an investigation into what they described as apparent abandonment or non-release of funds to execute capital projects intended to touch the lives of the majority of Nigerians.

They poured out their anger as a bill seeking further extension of the capital component of the 2024 budget was debated on the floor and passed for first, second, and third readings the same day.

The bill, with the title, ?A Bill for an Act to Amend the 2024 Appropriation Act to further Extend the Capital Component of the Act from the 30th of June, 2025 to 31st December, 2025 and for other Related Matters, 2025?, was sponsored by the Chairman, Senate Committee on Appropriations, Senator Olamilekan Solomon.

The budget had earlier been extended following a presidential request, to June before Tuesday?s further request, and the extension was again made.

The 2024 budget had an initial size of N28.7 trillion with a capital component of about N10tn. The total budget size eventually rose to about N35tn before a new 2025 budget of N54.9tn was signed into law in February this year.

Speaking at Tuesday?s plenary, which was presided over by the Deputy Senate President, Senator Barau Jibrin, senators queried the request to extend the budget by another six months.

A member of the All Progressives Congress and former leader of the Senate, Senator Yahaya Abdullahi, said the request was embarrassing and rested on the credibility of the entire government.

?The credibility of this government is getting down. There has never been a time in the history of the National Assembly where the appropriation bill is extended twice in one cycle.

?The Executive Arm of government needs to explain to Nigerians what?s happening.?

Senator Abdul Ningi, a member of the Peoples Democratic Party (PDP), while voicing his concerns, asked the Senate to engage the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, and the Accountant-General of the Federation, Shamsedeen Babatunde Ogunjimi, on the matter, adding that the lack of funding of the budget was an indication that Nigeria?s money might have finished.

?Give the appropriation committee one week to investigate and tell us what is happening; whether there is a shortage of funds in this country,? Ningi stated.

A similar view was expressed by former governor of Bayelsa, Senator Seriake Dickson, who said though the request for the extension would be granted if it became necessary, ?nobody is satisfied with the situation we have found ourselves in.?

Dickson added, ?We are inundated with complaints all over the place. The government has been grounded. That is what It means. Contractors are not being paid.

?The component that is held now is for capital, which is for projects that go right to the people at the grassroots.

?Maybe there is too much concentration with preoccupation with 2027 and receiving defectors from other political parties.

?However, we need to investigate whether we are not having enough money. Why is there no money when we have removed fuel subsidy??

Dickson, like Ningi, called for an investigation to be conducted into the matter by the committees on appropriation/finance, sitting jointly.

On his part, the Minority Leader of the Senate, Senator Abba Moro said the constant request to extend the capital budget was displeasing and an ?embarrassment? to the Senate.

?We must take it up with the minister of finance or else this will become an embarrassment to the Senate.

?I am reluctantly supporting the extension of the capital component of the 2024 budget.

?Some contractors are being owed and unless they are assured of payment, they will abandon sites.

?The payment process we have currently must be unbundled,? he stated.

Senator Jibrin tried to douse the tension by calming the lawmakers, assuring them that everything necessary was being done to ensure that funding for projects was sped up.

He also advised against the idea of conducting a fresh investigation into the issue because the relevant committees, being standing committees of the Senate, were already up and doing, carrying out their duties.

?The committees already met with the Minister and agencies. It is work in progress?, he said.

Senators eventually passed the request after a heated debate. (Nigerian Tribune)

Update news