EKO HOT BLOG reports that the National Assembly has approved the request of President Muhammadu Buhari to increase a total sum of N819.536,937,815 billion supplementary budget for the 2022 fiscal year to address various infrastructure that were destroyed by flood across the various states of the country.
The Supplementary Bill will be financed through additional domestic borrowings, which will raise the 2022 budget to N8.17 Trillion only, and the Deficit/GDP to 4.43%.
The breakdown of the approved N819.536,937,815 billion shows that the Federal Ministry of Agriculture and Rural Development is allocated N69,247, 175,770; Federal Ministry of Works and Housing got N704,789,043; the Federal Capital Territory, FCT, N30,000,000,000 and Federal Ministry of Water Resources is N15,500,000,000.
The approval was sequel to the presentation and consideration of a report of the Senate Joint Committee on the 2022 Supplementary Appropriations Bill, 2022( SB.1091) by the Chairman, Senator Jibrin Barau, APC, Kano North.
The bill seeks to among other things, make available additional funds to cushion the effects of the 2022 flood on road infrastructure, Agriculture, Water infrastructure and completion of some ongoing critical projects that have achieved about 85% completion.
Barau said, “The Appropriations Committee having considered the detailed provisions of the Bill, the contributions of its Sub-Committees and the general impact it will make in ameliorating the havoc caused by flood across the country and recommended the following for the various MDAs.
“1 Federal Ministry of Agriculture and Rural Development; ii. Federal Ministry of Works and Housing; iii. Federal Capital Territory; iv. Federal Ministry of Water Resources.
“The Committee hereby recommends that the Senate do consider and approve: A Bill for an Act to authorize the issue from the Consolidated Revenue Fund (CFR) the total sum of N819, 536,937,813 (Eight Hundred and Nineteen Billion, Five Hundred and Thirty-Six Million, Nine Hundred and Thirty-Seven Thousand, Eight Hundred and Thirteen Naira, only.
“I Federal Ministry of Agriculture and Rural Development – N69,247,175,770; ii. Federal Ministry of Works and Housing-N704,789,762,043; iii. Federal Capital Territory – N30,000,000,000; iv. Federal Ministry of Water Resources – N15,500,000,000.”
In the report, Senator Barau said, “The Committee observed as follows: The effects of the 2022 flood across the country and its attendant consequences on our roads, bridges, farmlands and the water sector necessitated the Supplementary Appropriation Bill request.
“MDAs involved in the Supplementary Appropriation Bill requests are: Federal Ministry of Agriculture and Rural Development; Federal Ministry of Works and Housing; Federal Ministry of Water Resources.”
Recall that Buhari had last week Wednesday written to the National Assembly, seeking the approval of a total sum of N819.5billion supplementary budget for the 2022 fiscal year to address various infrastructures that were destroyed by flood across the various states of the country.
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