ASHENEWS reports that the Senate on Wednesday, passed the 2022 Supplementary Appropriation Bill of N819,536,937,813.00 presented by President Muhammadu Buhari.
The Senate Committee on Appropriation report had favoured the supplementary budget which the Senate at plenary considered and approved.
The Committee chairman, Senator Barau Jibrin said the amount was meant to complete ongoing capital projects, including roads and dams destroyed by flooding.
He added that the sum would be sourced from additional domestic borrowings by the Federal Government.
“The country 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 the country.
“The flood also devastated the road infrastructure across the 36 states and the FCT and affected several sections of major roads and bridges nationwide that are critical for the movement of goods and services.
“The water sector was equally affected by the flood and there is the need to complete some ongoing critical projects that have achieved about 85 per cent completion.
“The nine critical projects proposed in the sector cuts across water supply, dam and irrigation projects nationwide.
“I have, therefore, approved a Supplementary 2022 Appropriation of N819,536,937,813, all of which are capital expenditures.
“The supplementary budget will be financed through additional domestic borrowings.
“This will raise the budget deficit for 2022 to N8.17 trillion and deficit to GDP ratio to 4.43 per cent,” President Buhari’s letter transmitting the supplementary budget to the National Assembly had stated.