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Flood: Buhari raises N819.5billion supplementary budget for damage control

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President Muhammadu Buhari

 

President Muhammadu Buhari Wednesday December 21 forwarded to the Senate for approval, N819.5billion supplementary budget for the 2022 fiscal year to fix various infrastructure destroyed by flood across the various states in the country.

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The supplementary budget as explained by the President in a letter read in plenary by the President of Senate, Ahmad Lawan, is meant for the capital expenditure component of the 2022 budget with attendant increase of deficit to N8.17trillion.

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

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

“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 movement of goods and services.

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“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 percentage completion.

“The nine critical projects proposed in the sector cuts across water supply , dam projects and irrigation projects nationwide.

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“I have approved a supplementary budget of 2022 appropriation of N819.536 Billion,  all of which are capital expenditure.

“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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Being a proposal meant for a year remaining 10 days to end, the President of the Senate hurriedly forwarded it to Senate Committees on Appropriation, Finance, Works, Water Resources anf Agriculture for expeditious consideration.

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