President Muhammadu Buhari has urged the Senate to approve an N819.5 billion additional budget for the 2022 fiscal year to repair flood-damaged infrastructure.
The appropriation, stated in a letter read in plenary by Senate President Ahmad Lawan, is intended for the capital expenditure component of the 2022 budget, with an N8.17 trillion increase in the deficit.
Buhari stated that he would increase domestic borrowing to fund the proposed N819.5 billion supplementary budget.
With only 10 days left in the fiscal year, the Senate President immediately referred the matter to the Senate Committees on Appropriation, Finance, Works, Water Resources, and Agriculture for expedited deliberation.
Also, in another letter, the President requested clearance for the restructuring of the Central Bank of Nigeria’s N23.7 trillion Ways and Means advances to the Federal Government (CBN).
Ways & Means are advances from the CBN to the government for emergency funding of budgetary deficits that have been deferred.
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