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Sunday, February 5, 2023

JUST IN: Nigerian senate passes 2022 supplementary budget of N819.5bn

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

The bill was passed at the plenary on Wednesday, December 28, 2022. 

Recall that President Muhammadu Buhari sought the passage of supplementary budget to be financed through additional domestic borrowing.

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

The supplementary budget is to be funded by additional borrowing and will increase the budget deficit to 8.17 trillion naira.

The Senate committee on Finance recommended that the Senate approved the supplementary budget. The supplementary budget is for the ministry of Agriculture, Water Resources, FCT and Works.

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

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