Reps extend execution of 2022 capital, supplementary budget to June 30

The House of Representatives on Tuesday extended the implementation of the capital aspect of the 2022 budget and the supplementary appropriation for the preceding financial year.

This is sequel to the passage for second reading, a bill for an act to extend the implementation of the capital aspect of the 2022 Appropriation Act and Supplementary Budget from March 31 to June 30.

The bill referred to the Committee of Supply where it was approved and passed through third reading and transmitted to Senate for concurrence.

The House had in the twilight of last year passed a bill for an act to Amend the Appropriation Act, 2022 to extend the implementation of the capital aspect from 31 December, 2022 to 31 March, 2023.

The green chamber also approved the N819.54 billion supplementary budget sent by President Muhammadu Buhari.

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Buhari had in a letter to Femi Gbajabiamila, speaker of the House, said the request was meant for the capital expenditure component of the 2022 budget and would be financed through new domestic borrowings.

Buhari said the additional became necessary due to the devastation caused by floods on farmlands and road infrastructure.

The letter read: “The year 2022 has witnessed the worst flood incidents in recent history in the country which has caused massive destruction of farmlands at the point already close to the 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 it affected several sections of major roads and bridges nationwide that are critical to movement of goods and services

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

“The nine critical projects proposed in the water sector cuts across water supply, dam projects and irrigation projects nationwide.

“I have therefore approved the supplementary 2022 Appropriation of N819, 000, 536, 937, all of which are capital expenditure. The supplementary would be financed through additional domestic borrowings and this would raise the budget deficit for 2022 to 8.17 trillion and deficit GDP ratio to 4.43 percent.”