https://sputnikglobe.com/20221222/nigerias-president-buhari-approves-18bln-extra-budget-for-food-security-threatened-by-floods-1105689662.html
Nigeria's President Buhari Approves $1.8Bln Extra Budget For Food Security Threatened by Floods
Nigeria's President Buhari Approves $1.8Bln Extra Budget For Food Security Threatened by Floods
Sputnik International
Nigeria's President Muhammadu Buhari has approved a 819.5 billion naira ($1.8 billion) supplementary budget to tackle food insecurity caused by floods.
2022-12-22T09:20+0000
2022-12-22T09:20+0000
2023-02-14T08:48+0000
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Nigeria's President Muhammadu Buhari has approved a 819.5Bln naira ($1.8Bln) supplementary budget to tackle food insecurity caused by floods, according to the leader's letter to the country's Senate, cited by the media.The extra funds will be raised through domestic borrowing and spent on completing federal government projects (including dams and irrigation facilities) as well as rebuilding damaged infrastructure (such as roads and water infrastructure).According to the president, the 2023 federal budget will reach 20.51 trillion naira ($45Bln), which is 18.4 percent more than this year and the deficit is expected to rise to 4.78 percent. The next year's budget is expected to be passed by Nigerian lawmakers on Thursday.Government's revenues fell in 2022 because of decreasing oil production. Crude oil theft has been identified as one of the biggest problems in the country's fossil fuel sector.Most Nigerian states were affected by floods this year, which has led to at least 500 deaths and displacement of more than a million people. According to experts, climate change effects are among the main causes for the disaster.
https://sputnikglobe.com/20221210/opposition-urges-nigerians-to-praise-new-central-bank-monetary-policy-rather-than-criticize-it-1105328750.html
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Nigeria's President Buhari Approves $1.8Bln Extra Budget For Food Security Threatened by Floods
09:20 GMT 22.12.2022 (Updated: 08:48 GMT 14.02.2023) In 2022, Nigeria was troubled by severe floods as well as declining oil production and ongoing military conflicts.
Nigeria's President Muhammadu Buhari has approved a 819.5Bln naira ($1.8Bln) supplementary budget to tackle food insecurity caused by
floods, according to the leader's letter to the country's Senate, cited by the media.
"The year 2022 has witnessed the highest number of floods in recent history, which has caused massive destruction of farm lands near harvest season," Buhari said, noting that "this may compound the situation of hostility and aggression in the country."
The extra funds will be raised through domestic borrowing and spent on completing federal government projects (including dams and irrigation facilities) as well as rebuilding damaged infrastructure (such as roads and water infrastructure).
According to the president, the 2023 federal budget will reach 20.51 trillion naira ($45Bln), which is 18.4 percent more than this year and the deficit is expected to rise to 4.78 percent. The next year's budget is expected to be passed by Nigerian lawmakers on Thursday.
10 December 2022, 13:50 GMT
Government's revenues fell in 2022 because of
decreasing oil production. Crude oil theft has been identified as one of the biggest problems in the country's fossil fuel sector.
Most Nigerian states were affected by floods this year, which has
led to at least 500 deaths and displacement of more than a million people. According to experts,
climate change effects are among the main causes for the disaster.
