Senate passes 2022 supplementary budget of N819.5bn

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The Nigerian Senate has passed the 2022 Supplementary Budget of N819.5 billion.

President Muhammadu Buhari had written to the Senate, seeking the passage of supplementary budget to be financed through additional domestic borrowing.

According to him, “The supplementary budget is expected to address food security following devastating floods across the country, as well as Damages to road infrastructure and water sector.”

He further said that “The supplementary budget would be funded by additional borrowing and will increase the budget deficit to 8.17 trillion naira.”

After consideration, the Senate committee on Finance recommended that the Senate should approve the supplementary budget which is for the ministries of Agriculture, Water Resources, Works and FCT.

A breakdown of the Supplementary Budget shows that the Ministry of Agriculture would get N69 billion, Ministry of Water Resources N15.5 billion, FCT N30 billion and Ministry of Works and Housing N704 billion.