Lagos, Dec. 22, 2022 – Nigeria’s domestic may rise to N22.57 trillion if the National Assembly approves President Buhari’s supplementary budget proposal of N819 billion sent to the assembly on Wednesday.
The President said the supplementary budget, which will be financed through domestic borrowing, is to fix various infrastructure destroyed by floods across the various states in the country a few months ago.
“The year 2022 has witnessed the worse flood incident in recent history which has caused massive destruction of farmlands at a point already closed to harvest season.
“This may compound the situation of food security and nutrition in the country.
“The flood has also devastated road infrastructure across the 36 states and the FCT (Federal Capital Territory) as well as bridges nationwide that are critical for the movement of goods and services.
“The water sector was equally affected by the flood and there is a need to complete some ongoing critical projects that have already achieved about 85 percentage completion.
“The nine critical projects proposed in the sector cut across water supply, dam projects, and irrigation projects nationwide.
“I have approved a supplementary budget of 2022 appropriation of N819.536bn, all of which are capital expenditures.
“The supplementary will be financed through additional domestic borrowings which will raise the budget deficit for 2022 to N8.17 trillion and deficit to GDP ratio to 4.43 per cent.”
The Federal Government’s domestic debt stock was N19.24 trillion as at December 2021. (GBN)
