Barely one week after President Buhari asked the Senate for its approval of an N819.5 billion Supplementary Budget for the 2022 fiscal year, lawmakers in the Chamber resume from Christmas holidays to granted request
The Senate has passed the 819.54 billion naira 2022 Supplementary Budget sent for its approval by President Muhammadu Buhari just before the lawmakers adjourned for the Christmas holidays.
Implementation of the supplementary budget passed on Wednesday is to be financed by new domestic borrowings and would commence at the end of March 2023.
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The President had, through an executive communication to the Senate President last week Wednesday, made the request stating that the fund is intended to complete critical infrastructure, which had become imperative in view of the devastating flood disaster witnessed earlier this year that damaged roads in many parts of the country.
According to Buhari’s letter, the supplementary appropriation request was meant for the capital expenditure component of the 2022 budget. and would form part of the 2022 Appropriation Act.
The approval thus increases the 2022 Budget deficit to N8.17 trillion, the deficit-to-GDP ratio by 4.43 per cent, while the new borrowing also increased the Federal Government’s domestic borrowing in 2022 to N3.33 trillion.