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.
President Buhari, in a 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.
Recall that on December 31, 2021, President Buhari signed the 2022 budget of N17.126 trillion into law after it was presented to him by his Senior Special Assistant (Senate) on National Assembly, Babajide Omoworare, at the Council Chamber of the Presidential Villa in Abuja.
The president also said he would revert to the National Assembly with a request for an amendment to ensure that critical ongoing projects essential to his administration do not suffer a setback due to reduced funding.
In his letter, 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.
