President Muhammadu Buhari has written the national assembly for the approval of the N819.5 billion supplementary budget, OduNews reports.
In a notice to the Speaker of the House of Representatives, Mr Femi Gbajabiamila, the President said the budget is expected to be funded by domestic borrowings and will increase the 2022 budget deficit to N8.17 trillion.
In the letter read by Mr 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 President said the supplementary budget is premised on the need to complete ongoing critical federal government projects, such as dams and irrigation projects.
President Buhari, on October 7, presented before the two chambers of the National Assembly a record N20.51 trillion proposed budget for the 2023 financial year. It is the highest so far in the nation’s history and the last to be presented by the President before his tenure elapses on May 29, 2023.
He had been expected to present an Appropriation Bill of N19.75 trillion.
The President said he would revert to the National Assembly with a request for an amendment to ensure that critical ongoing projects cardinal to his administration do not suffer a setback as a result of reduced funding.
He recounted 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 put to use critical agenda projects, as well as improve the general living conditions of Nigerians.
Mr Buhari insisted that the cuts by the lawmakers could render the implementation of the budget impossible.
