President Muhammadu Buhari has sent a N819.5 billion supplementary budget to the National Assembly.
The budget, which is expected to be funded by domestic borrowings, will increase the budget deficit to N8.17 trillion.
In his letter to the lawmakers on Wednesday, the president recalled 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 use critical agenda projects, as well as improve the general living conditions of Nigerians.
Buhari maintained that the cuts by the lawmakers could render the implementation of the budget impossible.
The letter read by the Speaker of the House of Representatives, Femi Gbajabiamila, explained that the supplementary budget would address food security, following devastating floods across the country, as well as damage to the road infrastructure and water sectors.
He further explained that the supplementary budget is based on the need to complete ongoing critical Federal Government projects, such as dams and irrigation projects.
