FG approves $2B extra budget for flood damage

Nigeria’s President Muhammadu Buhari has approved 819.5 billion naira ($2 billion) supplementary budget for 2022 to help deal with widespread destruction of farmlands due to recent flooding, the Senate President said on Wednesday.

Africa’s biggest economy has experienced severe flooding this year which destroyed farmlands, raising food security concerns as high food prices added to worries over double-digit inflation.

In a letter read by the Senate President to lawmakers, Buhari said the new will be financed through domestic borrowing, which will raise the deficit for 2022 to 4.43% of GDP.

Nigerian lawmakers expect to pass the 2023 budget on Thursday, the speaker of the lower house of parliament told reporters late on Tuesday after a meeting with Buhari.