The Nigerian Senate on Wednesday passed the 2022 Supplementary Budget of N819.5 billion.
President Muhammadu Buhari had sought the passage of a supplementary budget to be financed through additional domestic borrowing.
According to the president, the supplementary budget is expected to address food security following devastating floods across the country, as well as Damages to road infrastructure and the water sector.
The supplementary budget is to be funded by additional borrowing and will increase the budget deficit to 8.17 trillion nairas.
The Senate committee on Finance recommended that the Senate approved the supplementary budget. The supplementary budget is for the ministry of Agriculture, Water Resources, FCT and Works.
A breakdown of the Supplementary Budget reveals that the Ministry of Agriculture is to get N69 billion, the Ministry of Water Resources N15.5 billion, FCT N30 billion and the Ministry of Works and Housing N704 billion.
