Dec. 21, 2022

President Muhammadu Buhari has sent a N819.5 billion supplementary budget to the National Assembly.

In a letter read by the Speaker of the House of Representatives, Femi Gbajabiamila, the supplementary budget is to address food security, following devastating floods across the country, as well as damage to the road infrastructure and water sectors.

“The year 2022 has witnessed most flood incidents in recent history, which has caused massive destruction of farm lands at the point already close to harvest season.”

The president noted that the supplementary budget is premised on the need to complete ongoing critical Federal Government projects, such as dams and irrigation projects.

“This may compound the situation of hostility and aggression in the country,” he said.

Buhari said the new spending will be financed through domestic borrowing, which will raise the deficit for 2022 to 4.43% of GDP.

The government expects the deficit to widen to 4.78% in 2023 as spending rises in an election year in which Buhari will not stand for re-election to due term limits.