President Muhammadu Buhari has transmitted to the National Assembly, a supplementary budget totalling N819.5 billion for the 2022 fiscal year.
Buhari’s request was contained in a letter he addressed to the two chambers of the federal parliament, read by Senate President, Ahmad Lawan and Speaker, Femi Gbajabiamila during their respective plenary sessions.
The letter in part reads
”The year 2022 has witnessed the worse flood incident in recent history which has caused massive destruction of farm lands at a point already closed to harvest season. This may compound the situation of food security and nutrition in the country. The flood has also devastated road infrastructure in across the 36 states and the FCT as well as bridges nationwide that are critical for movement of goods and services.
The water sector was equally affected by the flood and there is a need to complete some ongoing critical projects that have already achieved about 85 per cent completion. The nine critical projects proposed in the sector cuts across water supply, dam projects and irrigation projects nationwide.
I have approved a supplementary budget of 2022 appropriation of N819.536 billion , all of which are capital expenditure. The supplementary will be financed through additional domestic borrowings which will raise the budget deficit for 2022 to N8.17 .trillion and deficit to GDP ratio to 4.43 per cent.”
uhari added that the supplementary appropriation was purely for the capital expenditure component of the 2022 budget with attendant increase of deficit to N8.17 trillion.
He said the proposed N819.5 billion supplementary budget would be financed by additional domestic borrowings.
