President Muhammadu Buhari has transmitted a 2022 supplementary budget of 819 billion naira 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 for 2022 are capital expenditure and it became necessary due to the devastation caused by floods on farmlands and road infrastructure.
He explained that in the year 2022, Nigeria witnessed the worst flood incidents in recent history, which has caused massive destruction of farmlands with risks of food insecurity.
Reading the letter on the floor of the senate, Senate President Ahmed Lawan further informed the lawmakers that the supplementary budget will be financed “through additional domestic borrowings.
