President Muhammadu Buhari’s request for an N819.54 billion domestic loan has been approved by the Senate.
The new loan will cater for the capital expenditure component of the 2022 budget, according to the President.
The loan details
The total sum of N819, 536,937,813 is expected to cover the following ministries-
Federal Ministry of Agriculture and Rural Development: N69,247,175,770
Federal Ministry of Works and Housing: N704,789,762,043
Federal Capital Territory: N30,000,000,000 and Federal Ministry of Water Resources: N15,500,000,000.
Buhari in the letter read by President of the Senate, Ahmad Lawan, he said:
“I write to request your consideration for an amendment into the 2022 Acts expression clause 12, as passed and assented to.
“The 2022 Appropriation Acts states, in line with the provisions of section 318 of the constitution of the Federal Republic of Nigeria, this Bill expires after 12 months starting from January, 1 to December 31, 2022, once assented to.
“The proposed 2022 appropriation supplementary budget submitted to National Assembly for consideration as well as recent 2022 capital releases to the MDAs are likely to be utilised before December 31st, 2022 due to the late release of the funds which will lapse if the capital implementation is not extended beyond December 2022.”
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
