President Buhari has appealed to the House of Representatives to approve 819.54 billion naira supplementary budget for 2022 as Nigeria’s debt increase to 22.57 trillion naira.
In a letter read by the speaker, Femi Gbajabiamila on Wednesday, 21st December, 2022, President Buhari said the budget will be financed with new domestic borrowing. He noted that if the supplementary budget is approved, it will take a total deficit in 2022 to 8.17 trillion naira and deficit to GDP ratio to 4.43 percent.
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Furthermore, he explained that the country decided to explore a supplementary budget because of the impact of flood which devastated road infrastructure in across the 36 states and the FCT, as well as bridges nationwide that are critical for movement of goods and services and the need to complete major roads that are at 85% completion.
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