The Senate, on Wednesday, approved the request of President Muhammadu Buhari for an N819.54 billion supplementary budget.
The supplementary budget which will be financed through additional domestic borrowing is meant to fix the infrastructure destroyed by floods across the country.
Buhari had, through an executive communication last week, sought the approval of the National Assembly for an N819.54bn supplementary budget.
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The request, according to the President, would form part of the 2022 Appropriation Act.
Buhari in the letter read by President of the Senate, Ahmad Lawan, said the supplementary appropriation request was meant for the capital expenditure component of the 2022 budget.
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.
The approval of the Senate has increased the 2022 Budget deficit to N8.17trn, and the deficit-to-GDP ratio of 4.43 per cent.
The new borrowing also increased the Federal Government’s domestic borrowing in 2022 to N3.33trn.
