PRESIDENT BUHARI REQUESTS A N819.54 BILLION LOAN AS NIGERIA’S DEBT REACHES N22.57 TRILLION.

President Buhari has urged the House of Representatives to approve a N819.5 billion extra budget for 2022, as Nigeria’s debt has risen to N22.57 trillion.

President Buhari stated in a letter read by Speaker Femi Gbajabiamila on Wednesday that the budget will be financed through fresh domestic borrowing. He stated that if the extra budget is approved, the total deficit in 2022 will be N8.17 trillion.

He added that the country chose to look into a supplemental budget due to the impact of the flood and the necessity to finish important roads that are only 85% complete. “The year 2022 has witnessed the worst flood disaster in recent history, which has caused huge destruction of farm areas at a point already closed to harvest season,” the letter reads in part.

This could exacerbate the country’s food security and nutrition problems. The flood has also destroyed road infrastructure in 36 states.