The senate has passed a supplementary budget of N819 billion
for the 2022 fiscal year.
The development came after the senate extended the
implementation of the 2022 budget till March 31, 2023.
The national assembly had passed N17.12 trillion as the 2022
budget, but it was later revised to N17.31 trillion at the request of Buhari
who cited the impacts of the Russia-Ukraine war on the country’s economy.
The supplementary budget was passed on Wednesday after
Jibrin Barau, chairman of the appropriation committee, presented a report
during the plenary session.
While presenting his report, Jibrin said the funds are meant
to cushion the effects of the recent floods and complete some projects that
have reached 85 percent completion.
“[This will] make available funds to cushion the 2022 flood
effects and completion of critical projects that have reached 85 percent
completion,” the chairman said.
The senate’s decision to approve the supplementary budget
followed a request by President Muhammadu Buhari last week.
The president said the supplementary budget would be
financed through additional domestic borrowings and this would raise the budget
deficit for 2022 to N8.17 trillion.
“The year 2022 has witnessed the worst flood incidents in
recent history which has caused massive destruction to farmlands at the point
close to harvest season. This may compound the situation of food security and
nutrition in this country,” the president had said.
“The flood also devastated the road infrastructure across
the 36 states and the FCT, [and] has affected sections of major roads and
bridges nationwide that are critical to the movement of goods and services.
“The water sector was also affected by the flood and there
is a need to complete some ongoing critical projects that have achieved about
85 project completion.”
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