The National Assembly has passed the 2022 Supplementary Budget of N819.5 billion.

Thelagostimes gathered that the supplementary budget is to address food security following devastating floods across the country, as well as Damages to road infrastructure and water sector.

The supplementary budget is to be funded by additional borrowing and will increase the budget deficit to 8.17 trillion naira.

Recall that President Muhammadu  had sought the passage of supplementary budget to be financed through additional domestic borrowing.

The Senate committee on Finance recommended that the Senate approved the supplementary budget. The supplementary budget is for the ministry of Agriculture, Water Resources, FCT and Works.

A breakdown of the Supplementary Budget shows that the Ministry of Agriculture is to get N69 billion, Ministry of Water Resources N15.5 billion, FCT N30 billion and Ministry of Works and Housing N704 billion.

Meanwhile, the Senate extended the implementation of the 2022 capital budget till March 31, 2023.

The extension followed a debate on a bill for an Act to amend the 2022 appropriation Act, in order to extend the implementation year from 31st December 2022 to 31st March 2023 and for related matters.