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Buhari Proposes N819.5 bn For Wrecked Infrastructure

        President Muhammadu Buhari 

Barely ten days to the end of 2022, President Muhammadu Buhari has proposed a supplementary budget of N819.5 billion to be used in replacing wrecked infrastructure. 

The budget, which is meant for 2022 fiscal year would be spent on infrastructure that was destroyed by flood across the country.

President Buhari’s budget proposal was read yesterday by the President of the Senate, Senator Ahmad Lawan, who noted that the money is meant for the capital expenditure component of the 2022 budget, expected to raise the deficit to N8.17 trillion.

Buhari hinted that the proposed N819.5 billion supplementary budget would be financed by additional domestic borrowings.

In the letter, Buhari noted that the year 2022 witnessed the worse flood incident in recent time and caused massive destruction of farmlands close to the harvest season.

He noted that the flooding might worsen food and nutrition security in the country, adding that the flood also devastated road infrastructure and bridges that are critical for the movement of goods and services nationwide. 

The President stated that the water sector was equally affected by the flood, harping on the need to complete some ongoing critical projects that are already at 85 per cent completion level.

He said that the nine critical projects proposed in the sector cut across water supply, dam projects and irrigation projects nationwide.

”I have approved a supplementary budget of 2022 appropriation of N819.536 billion, all of which are capital expenditures.

“The supplementary will be financed through additional domestic borrowings which will raise the budget  deficit for 2022 to N8.17 trillion and deficit to GDP ratio to 4.43 percent", he added. 

Lawan quickly forwarded the letter to the Senate Committees on Appropriations, Finance, Works, Water Resources and Agriculture for expeditious consideration.

He stated that the Governor of Central Bank of Nigeria, CBN, Godwin Emefiele; Ministers of Finance, Budget and National Planning; Water Resources and agriculture must appear before the Senate Committees to enable them to get details about the Supplementary Budget. 

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