“The year 2022 has witnessed the worst flood incidents in recent history which has caused massive destruction to farmlands at the point 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, (and) has affected sections of major roads and bridges nationwide that are critical to the movement of goods and services.”

These were the exact words with which President Muhammadu Buhari, approached the National Assembly once again to approve fresh borrowing that would shoot the deficit for the 2022 budget to a record N8.17trillion.

This underscored the major highlight in a proposed supplementary budget of N819 billion, which the President is asking NASS to approve, according to a letter read at the plenary on Wednesday, by Speaker of the House of Representatives, Femi Gbajabiamila.

Specifically, Buhari explained in the letter that the 2022 supplementary budget would be used to finance infrastructural projects across the country.

NASS, which had passed N17.12 trillion as the 2022 budget, later upped the figure to N17.31 trillion on Buhari’s request citing the impacts of the Russia-Ukraine war on the country’s economy.

Citing the 2022 flood, that ravaged parts of Nigeria, as affecting infrastructure across the nation, he said that the supplementary budget would be financed through additional domestic borrowings which would raise the budget deficit for 2022 to N8.17 trillion and the deficit GDP ratio to 4.43 percent.

He added: “The water sector was also affected by the flood and there is a need to complete some ongoing critical projects that have achieved about 85 project completion.

“The nine critical projects proposed in the sector cut across water supply, dam projects and irrigation projects nationwide. I have, therefore, approved the supplementary 2022 appropriation of N819,536,137,812 all of which are capital expenditure.”