THE Senate, on Wednesday, approved the request by President Muhammadu Buhari for a N819.54 billion supplementary budget meant to fix infrastructure destroyed by floods across the country.
The request, the President informed, would form part of the 2022 Appropriation Act.
Buhari, in the letter read by the president of the Senate, Ahmad Lawan, said the request was meant for the capital expenditure component of the 2022 budget.
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The approval has increased the 2022 budget deficit to N8.17 trillion, and the deficit-to-the gross domestic product ratio of 4.43 per cent.
This is coming at a time when government’s borrowing is rising and putting the nation’s economy at more risks.
Federal government’s domestic borrowing in 2022 alone has risen to N3.33 trillion.
To enhance the implementation of the projects listed in the supplementary bill, the Senate extended the lifespan of the N18.12 trillion 2022 budget to March 31, 2023.
The budget, in line with the provisions of clause 12 of the Appropriation Act and section 318 of the 1999 constitution, which stipulate 12 calendar months for implementation of budget in any fiscal year, ought to end on December 31, 2022, having started on January 1, 2022.
But Buhari, in a letter read in plenary last Wednesday, sought the amendment in the Act for an extension of the implementation period.
Buhari, in the letter read by Lawan, said, “I write to request your consideration for an amendment into the 2022 Act expression clause 12, as passed and assented to.
“The 2022 Appropriation Act states, in line with the provisions of section 318 of the constitution of the Federal Republic of Nigeria, this Bill expires after 12 months, starting from January 1 to the December 31, 2022, once assented to.
“The proposed 2022 appropriation supplementary budget submitted to the National Assembly for consideration, as well as recent 2022 capital releases to the MDAs are likely to be utilised before December 31st, 2022 due to the late release of the funds, which will lapse if the capital implementation is not extended beyond December 2022.”
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.