Nigeria’s President Muhammadu Buhari has asked lawmakers to approve a supplementary budget of 819.5 billion naira ($1.8 billion) for 2022 to address food security, following devastating floods across the country.
(Bloomberg) — Nigeria’s President Muhammadu Buhari has asked lawmakers to approve a supplementary budget of 819.5 billion naira ($1.8 billion) for 2022 to address food security, following devastating floods across the country.
The funds will be borrowed from domestic sources to enable the government complete ongoing critical federal government projects, such as dams and irrigation facilities, the president said in a letter to the National Assembly. Part of the money will be used to rehabilitate damaged roads and water infrastructure, he said.
Buhari presented a 20.5 trillion-naira spending plan for 2023 to lawmakers in October, which at the time was an increase of 18% from this year. The budget deficit is forecast to reach 4.78% of gross domestic product next year from 3.99% of GDP this year.
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