The Senate has passed a supplementary budget of N819 billion for the 2022 fiscal year.
This is just as it also extended the implementation of the 2022 budget till March 31, 2023.
The supplementary budget was passed on Wednesday after Jibrin Barau, chairman of the appropriation committee, presented a report during the plenary session.
He said the funds were meant to cushion the effects of the recent floods and complete some projects that have reached 85 per cent completion.
The National Assembly had passed N17.12 trillion as the 2022 budget, but it was later revised to N17.31 trillion at the request of President Muhammadu Buhari who cited the impact of the Russia-Ukraine war on the country’s economy.
Last week, the president wrote to the Senate requesting its approval for the supplementary budget.
The president had in a letter to the Senate, said the supplementary budget would be financed through additional domestic borrowings and this would raise the budget deficit for 2022 to N8.17 trillion.
“The year 2022 has witnessed the worst flood incidents in recent history which has caused massive destruction to farmlands at the point close to harvest season. This may compound the situation of food security and nutrition in this country.
“The flood also devastated the road infrastructure across the 36 states and the FCT, [and] has affected sections of major roads and bridges nationwide that are critical to the movement of goods and services.
“The water sector was also affected by the flood and there is a need to complete some ongoing critical projects that have achieved about 85 project completion,” ,” the president had said in the letter.
