Buhari asks House of Rep to approve fresh N819.5 billion loan

President Muhammadu Buhari has requested an N819.5 billion supplementary  budget for 2022 from the House of Representatives.

President Buhari stated in a letter read aloud by Speaker Femi Gbajabiamila on Wednesday that the budget will be funded by fresh domestic borrowing.

If the supplementary budget is approved, he noted, the overall deficit in 2022 will rise to N8.17 trillion.

Mr. Buhari explained that the country had decided to look into a supplementary budget due to the effects of the flood and the need to finish major roads that are 85% complete.

The letter reads: “The president writes that 2022 has witnessed the worst flood incident in recent history, which has caused massive destruction of farmlands at a point already close to harvest season; this may compound the situation of food security and nutrition in this country.

“The flood also devastated the road infrastructure across the 36 states and the FCT. It has affected several sections of major roads and bridges nationwide that are critical to the movement of goods and services. The water sector was equally affected by the flood, and there is a need to complete some ongoing projects that have achieved 85% completion across the country.”

 

 

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