President Buhari seek approval for N819.54 billion loan as Nigeria’s debt hits N22.57 trillion

President Buhari has asked the House of Representatives to approve N819.5 billion supplementary budget for 2022 as Nigeria’s debt increase to N22.57 trillion.

In a letter read by Speaker Femi Gbajabiamila on Wednesday, President Buhari said the budget will be financed with new domestic borrowing. He noted that if the supplementary budget is approved, it will take a total deficit in 2022 to N8.17 trillion.

He explained that the country 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 in part reads, “The year 2022 has witnessed the worse flood incident in recent history which has caused massive destruction of farm lands at a point already closed to harvest season.

This may compound the situation of food security and nutrition in the country. The flood has also devastated road infrastructure in across the 36 states.