President Muhammadu Buhari has sent a N819.5 billion supplementary budget to the National Assembly.
The budget is expected to be funded by domestic borrowings. This will increase the budget deficit to N8.17 trillion.
According to a letter read by the Speaker of the House of Representatives, Femi Gbajabiamila, the supplementary budget is to address food security, following devastating floods across the country, as well as damage to the road infrastructure and water sectors.
The president said the supplementary budget is premised on the need to complete ongoing critical Federal Government projects, such as dams and irrigation projects.
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Buhari, on December 31, 2021, signed the 2022 Appropriation Bill of N17.126 trillion into law after it was presented to him by his Senior Special Assistant (Senate) on National Assembly, Senator Babajide Omoworare, at the Council Chamber of the Presidential Villa in Abuja, the Federal Capital Territory (FCT).
The president said he would revert to the National Assembly with a request for an amendment to ensure that critical ongoing projects cardinal to his administration do not suffer a setback as a result of reduced funding.
He recounted that during the presentation of the 2022 Appropriation Bill, he had stated that the 2022 fiscal year would be very crucial in his administration’s efforts to complete and put to use critical agenda projects, as well as improve the general living conditions of Nigerians.
Buhari insisted that the cuts by the lawmakers could render the implementation of the budget impossible.