President Buhari asked for approval of a N819.5 billion extra budget for the fiscal year 2022 in a letter to the National Assembly. The president claims that this money will be utilized to restore the numerous infrastructures that the recent floods in the nation’s various states harmed.
In the letter he addressed to Senate President Ahmed Lawan, President Buhari noted that the N819.54 billion supplementary budget will be funded by domestic borrowing.
”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.”
The Senate President quickly sent the proposal to the Senate Committees on Appropriations, Finance, Works, Water Resources, and Agriculture for prompt consideration because it was intended for the year that had 10 days left.