President Muhammadu Buhari has asked the national assembly
to approve a supplementary budget of N819 billion.
Buhari’s request was read by Femi Gbajabiamila, speaker of
the house of representatives, during plenary session on Wednesday.
He said the 2022 supplementary budget would be used to
finance infrastructural projects across the country.
The national assembly had passed N17.12 trillion as the 2022
budget, but it was later revised to N17.31 trillion on Buhari’s request who
cited the impacts of the Russia-Ukraine war on the country’s economy.
In the latest request, contained in a letter to the national
assembly, Buhari said the 2022 flood has affected infrastructure across the
nation.
He said the supplementary budget would be financed through
additional domestic borrowings and this would raise the budget deficit for 2022
to N8.17 trillion and the deficit GDP ratio to 4.43 percent.
“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 letter reads.
“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.
“The nine critical projects proposed in the sector cut
across water supply, dam projects and irrigation projects nationwide.
“I have, therefore, approved the supplementary 2022
appropriation of N819,536,137,812 all of which are capital expenditure.”
Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com