December 28, (THEWILL) – The Senate on Wednesday, passed the 2022 Supplementary Budget of N819.5 billion.
President Muhammadu Buhari had on December 21, requested the passage of a supplementary budget to be financed through additional domestic borrowing.
The President had said the supplementary budget is premised on the need to complete ongoing critical Federal Government projects, including dams and irrigation projects, adding that it would also address food security following devastating floods across the country.
The budget is to be funded by additional borrowing and will increase the budget deficit to 8.17 trillion naira.
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.
Meanwhile, the Red Chamber on Wednesday, extended the implementation of the 2022 capital budget till March 31, 2023.
The extension followed a debate on a bill for an Act to amend the 2022 appropriation Act, in order to extend the implementation year from 31st December 2022 to 31st March 2023 and for related matters.
The lawmakers were of the opinion that the extension of the budget circle is the only way the N819.5 billion supplementary budget passed can be accommodated.
The Senate, however, suspended its standing order 70 to enable it to read the Bill for the first, second and third time before its passage.
The Executive Bill was sponsored by the Senate Leader, Ibrahim Gobir.
He said it became necessary to extend the implementation of the capital appropriation for 2022, in order to allow for the completion of ongoing projects.
Gobir said the development followed a delay in the release of funds for the implementation of the capital component of the 2022 budget.
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