2022: Senate approves N819.5bn supplementary budget, extends implementation

The Senate has approved the N819.5 billion supplementary budget for the 2022 fiscal year which was transmitted to the National Assembly last week by President Muhammadu Buhari.   This is just as the Red Chamber extended the implementation year of the 2022 budget to March 31, 2023.   These followed the consideration of a report by the […]

The Senate has approved the N819.5 billion supplementary budget for the 2022 fiscal year which was transmitted to the National Assembly last week by President Muhammadu Buhari. 

 This is just as the Red Chamber extended the implementation year of the 2022 budget to March 31, 2023. 

 These followed the consideration of a report by the committee on appropriations and amendment of the 2022 Appropriations Act during Wednesday’s plenary. 

 Buhari had said the supplementary budget, which would be financed by new domestic borrowing, was meant for the capital expenditure component of the 2022 budget with an attendant increase of deficit to N8.17 trillion.

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 He added that the proposed budget was to fix various infrastructure destroyed by floods that ravaged some parts of the country earlier this year.  

 He listed the beneficiary ministries to include Agriculture, Water Resources, Works and Housing and Federal Capital Territory. 

 This year’s budget was passed and assented to in December 2021 and its implementation year is expected to elapse on December 31, 2022. 

 The Senate Leader, Ibrahim Gobir (APC, Sokoto), said the extension was to make provision for the full implementation of key capital projects captured in the 2022 Appropriations Act and those in the supplementary budget.