President Muhammadu Buhari has sent an N819.5 billion supplementary budget to the National Assembly.
This is contained in a letter read by the Speaker of the House of Representatives, Femi Gbajabiamila.
According to the letter, the supplementary budget is to address food security as well as damage to the road infrastructure and water sector.
The budget is expected to be funded by domestic borrowings and this will increase the budget deficit to N8.17 trillion.
The president said the supplementary budget is premised on the need to complete ongoing critical Federal Government projects, such as dams and irrigation projects
Buhari, on December 31, 2021, signed the 2022 Appropriation Bill of N17.126 trillion into law after it was presented to him by his Senior Special Assistant (Senate) on National Assembly, Senator Babajide Omoworare, at the Council Chamber of the Presidential Villa in Abuja, the Federal Capital Territory (FCT).
The president said he would revert to the National Assembly with a request for an amendment to ensure that critical ongoing projects cardinal to his administration do not suffer a setback as a result of reduced funding.