JUST IN: Senate Passes 2022 Supplementary Budget Of N819.5bn

JUST IN: Senate Passes 2022 Supplementary Budget Of N819.5bn

The Senate approved the N819.5 billion Supplementary Budget for 2022 on Wednesday.

President Muhammadu Buhari requested the passage of a supplementary budget that would be funded by additional domestic borrowing.

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The supplementary budget is intended to address food security in the aftermath of the country’s devastating floods, as well as damage to road infrastructure and the water sector.

The supplementary budget will be funded through additional borrowing, bringing the budget deficit to 8.17 trillion naira.

The Senate Finance Committee recommended that the Senate approve the supplemental budget. The additional budget is for the ministries of Agriculture, Water Resources, FCT, and Works.

The Supplementary Budget is divided as follows: the Ministry of Agriculture will receive N69 billion, the Ministry of Water Resources will receive N15.5 billion, the FCT will receive N30 billion, and the Ministry of Works and Housing will receive N704 billion.

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