The Senate has approved the sum of N819.5 billion supplementary budget for the year 2022 fiscal year transmitted to the house by President Muhammadu Buhari last week. Concurrently, the lawmakers have also approved the timeline for the implementation of the said budget till March 31st, 2023. There was a report by the committee on appropriation and amendment of the year 2022 Appropriation Act presented in the plenary yesterday and was Okayed by the red chamber.
Buhari in his letter transmitted to the National Assembly proposed that the supplementary budget would be financed by internal borrowing and was meant for the capital expenditure component of the year 2022 budget with an upwards review of N8.17 trillion deficit.
The president revealed that the money was to be spent on some infrastructure damaged by the flood in different parts of the country earlier this year.
He listed the beneficiaries of these budgets to include; the Ministries of Agric, Water Resources, Works and Housing, and Federal Capital Territory.
The year 2022 budget was approved in December 2021 by the National Assembly shortly after President Buhari presented the proposal and the implementation was expected to elapse on December 31st, 2022.
However, the Senate leader, Ibrahim Gobir (APC Sokoto) while defending the extension said it was to allow provision for the complete implementation of the critical projects that were captured in the year 2022 Appropriation Act as well as those in the supplementary budget.
