The Senate has approved President Muhammadu Buhari’s request for an N819.54 billion domestic loan aimed at fixing the country’s infrastructure.
The President said the new loan will cater for the capital expenditure component of the 2022 budget.
More details: The total sum of N819, 536,937,813 is expected to cover the following ministries-
- Federal Ministry of Agriculture and Rural Development: N69,247,175,770
- Federal Ministry of Works and Housing: N704,789,762,043
- Federal Capital Territory: N30,000,000,000 and Federal Ministry of Water Resources: N15,500,000,000.
Buhari’s request: In the letter by Buhari read by President of the Senate, Ahmad Lawan, he said:
- “I write to request your consideration for an amendment into the 2022 Acts expression clause 12, as passed and assented to.
- “The 2022 Appropriation Acts 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 December 31, 2022, once assented to.
- “The proposed 2022 appropriation supplementary budget submitted to 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.”
Lawan said the extension of the implementation period of the 2022 budget to March 31, 2023, will provide the required time for implementation of the N819.5bn 2022 supplementary budget raised by the President.
