Buhari Sends N819.5 bn as Supplementary Budget to Tackle Flooding
FLOOD
By Our Reporter
President Muhammadu Buhari has requested the approval of the National Assembly the sum of N819.5bn as supplementary budget for this year to tackle flooding.
The supplementary budget request was contained in a letter addressed to both Senate President, Ahmad Lawan and Speaker, Femi Gbajabiamila and was read during plenary sessions.
According to the President, the budget will be finance through fresh domestic borrowing.
He explained that the budget was to complete critical infrastructure following flood disaster that occurred during the year.
Thisday Newspaper quotes the President’s letter:
“The year 2022 has witnessed the worse flood incident in recent history which has caused massive destruction of farm lands at a point already closed to harvest season.
“This may compound the situation of food security and nutrition in the country. The flood has also devastated road infrastructure in across the 36 states and the FCT as well as bridges nationwide that are critical for movement of goods and services.
“The water sector was equally affected by the flood and there is a need to complete some ongoing critical projects that have already achieved about 85 percentage completion.
“The nine critical projects proposed in the sector cuts across water supply, dam projects and irrigation projects nationwide.
” I have approved a supplementary budget of 2022 appropriation of N819.536 billion, all of which are capital expenditure.
“The supplementary will be financed through additional domestic borrowings which will raise the budget deficit for 2022 to N8.17 trillion and deficit to GDP ratio to 4.43 per cent.”
After the letter was read, the Senate forwarded it to the Committees on Appropriation , Finance , Works , Water Resources and Agriculture for action.
President Muhammadu Buhari has requested the approval of the National Assembly the sum of N819.5bn as supplementary budget for this year to tackle flooding.
The supplementary budget request was contained in a letter addressed to both Senate President, Ahmad Lawan and Speaker, Femi Gbajabiamila and was read during plenary sessions.
According to the President, the budget will be finance through fresh domestic borrowing.
He explained that the budget was to complete critical infrastructure following flood disaster that occurred during the year.
Thisday Newspaper quotes the President’s letter:
“The year 2022 has witnessed the worse flood incident in recent history which has caused massive destruction of farm lands at a point already closed to harvest season.
“This may compound the situation of food security and nutrition in the country. The flood has also devastated road infrastructure in across the 36 states and the FCT as well as bridges nationwide that are critical for movement of goods and services.
“The water sector was equally affected by the flood and there is a need to complete some ongoing critical projects that have already achieved about 85 percentage completion.
“The nine critical projects proposed in the sector cuts across water supply, dam projects and irrigation projects nationwide.
” I have approved a supplementary budget of 2022 appropriation of N819.536 billion, all of which are capital expenditure.
“The supplementary will be financed through additional domestic borrowings which will raise the budget deficit for 2022 to N8.17 trillion and deficit to GDP ratio to 4.43 per cent.”
After the letter was read, the Senate forwarded it to the Committees on Appropriation , Finance , Works , Water Resources and Agriculture for action.
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