A supplemental budget of N819, 000, 536, 937 was recommended by President Muhammadu Buhari on Wednesday for the fiscal year 2022.

At the start of the plenary session, Speaker Femi Gbajabiamila read a letter to the Green Chamber that included this information.

President Buhari stated that more domestic borrowing would be used to fulfill the supplemental budget request.

With this revised request, the deficit GDP ratio would rise to 4.43 percent and the budget deficit for 2022 would reach N8.17 trillion.

According to the President, 2022 saw the worst floods in the nation’s recent history, resulting in extensive crop loss just as the harvest season was about to begin.
He said that this might make the nation’s problems with nutrition and food security worse.

According to him, the flood also severely damaged the nation’s key roadways and bridges, which are essential to the flow of goods and services, as well as the road infrastructure in the Federal Capital Territory (FCT) and the 36 states.

The President stated that the flood had an impact on the water sector as well and that some ongoing vital projects, of which 85 percent have been completed, needed to be finished.
He clarified that the nine crucial projects in the industry are related to irrigation, dam construction, and water supply across the country.
He stated, “Therefore, I have granted approval for the supplemental 2022 Appropriation of N819, 000, 536, 937, which are all capital expenditures.”

The Speaker then forwarded the request for additional legislative action to the House Committee on Appropriations.

In a related event, the House also took up and approved the Committee on Power’s Report regarding the Federal Government Power Company Limited’s Statutory Revenue Fund, which includes information on the entire amount of ₦95, 261, 665, 187.
This came after Hon. Magaji Da’u Aliyu, the Chairman of the Committee on Power, presented the report.

In introducing the report, Hon. Aliyu stated: “That the House take into consideration the Report of the Committee on Power regarding the matter from the Federal Government Power Company Limited’s Statutory Revenue Fund, the total amount of ₦95, 261, 665, 187.00 (ninety-five billion, two hundred and sixty-one million, six hundred and sixty-five thousand, one hundred and eighty-seven naira) only is for total expenditure,

Out of which, the amount designated for overhead costs is ₦2, 823, 904, 716 (two billion, eighty-three million, nine hundred and four thousand, seven hundred and sixteen naira); the amount designated for personnel costs is ₦867, 800, 471 (eight hundred and sixty-seven million, eight hundred thousand, four hundred and seventy-one naira); and the amount designated for capital expenditure for the year ending December 31, 2022 is ₦91, 569, 960, 000 (ninety-one billion, five hundred and sixty-nine million, nine hundred and sixty thousand naira).

Buhari suggests an additional N819 billion for the 2022 budget.