Buhari seeks NASS approval for N819bn 2022 supplementary budget

President Muhammadu Buhari has transmitted a 2022 supplementary budget of N819 billion to the National Assembly.

In separate letters to the Senate President, Ahmad Lawan and the Speaker of the House of Representatives, Femi Gbajabiamila, the president sought the lawmakers’ approval of the budget.

He said all of the additional budget of N819,536,937,813 for 2022 are capital expenditure and it became necessary due to the devastation caused by floods on farmlands and road infrastructure.

In the year 2022, he explained, Nigeria witnessed the worst flood incidents in recent history, which has caused massive destruction of farmlands with risks of food insecurity.

He said the disaster affected several roads and bridge infrastructures across the 36 states of the federation which are critical for the movement of goods and services.

“The water sector was equally affected by the flood and there is the need to complete some critical ongoing projects that have achieved about 85 per cent completion,” he wrote. “The nine critical projects proposed in the sector cuts across water supply, dam and irrigation projects nationwide.”

Mr Buhari further informed the lawmakers that the supplementary budget will be financed “through additional domestic borrowings.”

“This will raise the budget deficit for 2022 to N8.17 trillion and deficit to GDP ratio to N4.43 percent.”

The additional budget comes barely 24 hours before the passage of the 2023 Appropriation bill.

The president’s request was forwarded to the Senate Committee on Appropriations for further legislative work. The committee will present the report on Thursday for passage – alongside the 2023 budget.