Buhari seeks Senate approval for N819bn supplementary 2022 budget

Ten days before the end of 2022, President Muhammadu Buhari has written the Senate, seeking the approval of a total sum of N819.5 billion supplementary 2022 budget.

According to a letter to Senate on Wednesday, Buhari said the new budget was to help address various infrastructure that was destroyed by flood across the various states of the country.

President Buhari’s letter for the supplementary budget proposal explained that the money was meant for the capital expenditure component of the 2022 budget.

If the latest proposal is approved it will take the total budget deficit of Nigeria for the 2022 fiscal year to a whopping N8.17 trillion.

President Buhari added that the proposed N819.5 billion supplementary budget would be financed by additional domestic borrowings.

The letter read: “The year 2022 has witnessed the worse flood incident in recent history which has caused massive destruction of farmlands at a point already closed to harvest season.

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”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 the 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 cut 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 expenditures.

“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%.”

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