Nigerian President Muhammadu Buhari on Wednesday submitted a N819.5billion ($1.8 billion) supplementary budget to the National Assembly for consideration and approval.
The budget will increase the total deficit to N8.17 trillion, and is expected to be funded by domestic borrowing.
According to a letter read to lawmakers by the Speaker of the House of Representatives, Femi Gbajabiamila, the supplementary budget is to address food security, following devastating floods across the country, as well as damage to the road infrastructure and water sectors.
According to a local broadcaster, Channels TV, President Buhari said the supplementary budget is premised on the need to complete ongoing critical Federal Government projects, such as dams and irrigation projects.
The president’s letter pointed out that the floods experienced in 2022 had affected infrastructure across the nation.
He also noted that the country faces food insecurity due to the “worst flood incidents in recent history, resulting in massive destruction of farmlands.”