Buhari asks to borrow N819.5 billion to finance 2024

President Muhammadu Buhari has asked the House of Representatives to approve N819.5 billion supplementary budget for 2022.Information Guide Nigeria

This was revealed in a letter read by Speaker Femi Gbajabiamila on Wednesday.

President Buhari said the budget will be financed with new domestic borrowing.

He noted that if the supplementary budget is approved and will take a total deficit in 2022 to N8.17 trillion.

Buhari said, “The president writes that 2022 has witnessed the worst flood incident in recent history which has caused massive destruction of farmlands at a point already close to harvest season, this may compound the situation of food security and nutrition in this country”.NYSC portal

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“The flood also devastated the road infrastructure across the 36 states and the FCT. It has affected several sections of major roads and bridges nationwide that are critical to the movement of goods and services. The water sector was equally affected by the flood, and there is a need to complete some ongoing projects that have achieved 85% completion across the country.”JAMB portal

According to DAILY POST, the letter was referred to the House Committee on Appropriation for further legislative action.

In another letter, President Buhari also informed the lawmakers that the government will take another N1 trillion loan from the CBN through ways and means.

He said the additional N1 trillion will take the total obligation to CBN to N23 trillion which the government seeks to convert to bonds.JAMB Result

This letter has been referred to the Committees on Finance, Banking and Currency, Loans, Aid and Grant.