OrderPaperToday – President Muhammadu Buhari today sent a supplementary budget proposal of Four hundred and Sixty-Five Billion Naira (N465bn) to the National Assembly.
A letter from the President which was read by the President of the Senate, Bukola Saraki at plenary said the request was necessitated by shortage of funds to carry out important projects in the country.
A cursory breakdown of the proposal shows that N2bn was allocated for feeding of students of unity schools, N413bn for settlement of subsidy claims and N39bn for operation Lafiya Dole, the anti-terrorism campaign in the northeast.
The letter also states that Nigeria intends to borrow about one trillion naira (N1tn) to finance the budget and service debts.
The borrowing is explained by the eight N882bn loan earlier proposed by the past administration to finance this year’s budget had to be raised due to emerging realities in the country.
The supplementary budget is coming less than six weeks to the end of the fiscal year.