December 21, (THEWILL) – President Muhammadu Buhari has sent a request to the National Assembly for the approval of a supplementary budget of N819.5 billion.
In a letter read at plenary on Wednesday, by House Speaker Femi Gbajabiamila, President Buhari said the budget is expected to be funded by domestic borrowings and will increase the 2022 budget deficit to N8.17 trillion.
The President said the supplementary budget is premised on the need to complete ongoing critical Federal Government projects, including dams and irrigation projects, adding that it would also address food security following devastating floods across the country.
“The president writes that 2022 has witnessed the worst flood incident in recent history, which has caused massive destruction of farmlands at a point already close to harvest season, this may compound the situation of food security and nutrition in this country.
“The flood also devastated the road infrastructure across the 36 states and the FCT. It has affected several sections of major roads and bridges nationwide that are critical to the movement of goods and services. The water sector was equally affected by the flood, and there is a need to complete some ongoing projects that have achieved 85% completion across the country,” the letter read in part.
The letter was referred to the House Committee on Appropriation for further legislative action.
In another letter, President Buhari also informed the lawmakers that the government will take another N1 trillion loan from the CBN through ways and means.
He said the additional N1 trillion will take the total obligation to CBN to N23 trillion, which the government seeks to convert to bonds.
The letter was referred to Committees on Finance, Banking and Currency, Loans, Aid and Grant.
President Buhari had on October 7, presented before the two chambers of the National Assembly, a record N20.51 trillion proposed budget for the 2023 financial year.
The President had said he would revert to the National Assembly with a request for an amendment to ensure that critical ongoing projects cardinal to his administration do not suffer a setback as a result of reduced funding.
He recounted that during the presentation of the 2022 Appropriation Bill, he had stated that the 2022 fiscal year would be very crucial in his administration’s efforts to complete and put to use, critical agenda projects as well as improve the general living conditions of Nigerians.
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