President Muhammadu Buhari has sent a supplementary budget proposal totaling ₦819.54 billion to the National Assembly for approval. In official correspondence addressed separately to Senate President Ahmad Lawan and House Speaker Femi Gbajabiamila, the president emphasized the urgent need for this additional funding to tackle the devastating impact of the 2022 flood disaster across Nigeria.
Flood Damage Triggers Emergency Budget Request
According to President Buhari, Nigeria faced one of its worst flood crises in recent history during 2022. The floods wreaked havoc on farmlands, exacerbating the risk of food insecurity nationwide. Beyond agriculture, the disaster severely damaged road and bridge infrastructure across all 36 states, disrupting the movement of goods and services.
All Funds Allocated for Capital Projects
The president clarified that the entire ₦819.54 billion request is earmarked for capital expenditure. Key sectors targeted include roads, bridges, and water infrastructure. He specifically mentioned that nine critical water sector projects—covering water supply, dam construction, and irrigation systems—have reached about 85% completion and now require urgent funding to be finalized.
Funding Through Domestic Borrowing
To finance the supplementary budget, the federal government plans to rely on additional domestic borrowing. This move is expected to push the 2022 budget deficit to ₦8.17 trillion, raising the deficit-to-GDP ratio to 4.43%.
Supplementary Budget Precedes 2023 Appropriation Bill Passage
President Buhari’s proposal comes just a day before the National Assembly is scheduled to pass the 2023 Appropriation Bill. The supplementary budget has been forwarded to the Senate Committee on Appropriations for immediate review. The committee is expected to present its report for passage alongside the 2023 budget on Thursday.
