President Muhammadu Buhari is seeking the approval of the House of Representatives to borrow fresh N819.5 billion.
The request was made known in a letter read by Speaker Femi Gbajabiamila on Wednesday, noting that the loan is meant to finance the supplementary budget for 2022.
Buhari said that the budget if approved, will take a total deficit in 2022 to N8.17 trillion.
According to him, the Federal Government decided to explore a supplementary budget because of the impact of flood and the need to complete major roads that are at 85% completion.
The letter reads; “The president writes that 2022 has witnessed the worst flood incident in recent history which has caused massive destruction of farmlands at a point already close to harvest season, this may compound the situation of food security and nutrition in this country.
“The flood also devastated the road infrastructure across the 36 states and the FCT. It has affected several sections of major roads and bridges nationwide that are critical to the movement of goods and services. The water sector was equally affected by the flood, and there is a need to complete some ongoing projects that have achieved 85% completion across the country.”
The letter was referred to the House Committee on Appropriation for further legislative action.
In a separate letter, Buhari also informed the National Assembly that the Federal Government plans to take another N1 trillion (One Trillion Naira) loan from the Central Bank of Nigeria through ways and means.
The president said the additional N1 trillion will take the total obligation to CBN to N23 trillion which the government seeks to convert to bonds.
