President Muhammadu Buhari on Wednesday, Novemebr 18, sent a supplementary budget of N465bn to the senate for approval.
- Buhari also Seeks increase of N882bn loan proposed by the past govt To Borrow N2.10trn
The letter was read by Bukola Saraki, the Senate president during plenary.
In his letter, Buhari requested a supplementary budget due to shortage of funds to carry out important projects in the country.
A partial breakdown of the budget shows: N2bn for feeding of students of unity schools, N413bn for settlement of subsidy claims and N39bn is for operation lafiya Dole, which is the anti-insurgency campaign in the northeast.
The letter also reveals that Nigeria will borrow about N1tr to finance the budget and service debts.
Buhari asked the Senate to grant his request to borrow the sum of N2.10 trillion to finance the budget.
He explained that the N882 billion loan earlier proposed by the past government to finance the budget had to be raised to N2.10 trillion, due to emerging realities in the country.
According to the president, the source of the loan would be from both local and foreign.
The presidency recently debunked reports that it spent over five billion naira on ten presidential jets. According to the presidency only a little above two billion has been spent on its air fleet from May till date.
This was in reaction to allegations that Buhari’s administration had spent about N5.8bn on the 10-aircraft in the presidential air fleet it received from the immediate past administration of Goodluck Jonathan.