Just In: Senate Passes N819.5bn Supplementary Budget

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

At plenary on Wednesday, the Senate Committee on Finance recommended that the upper legislative chamber approved the supplementary budget, which is for the Ministry of Agriculture, Water Resources, FCT and Works.

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

The supplementary budget is to be funded by additional borrowing and will increase the budget deficit to N8.17 trillion.

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