President Muhammadu Buhari has sent a N819.5 billion supplementary budget to the National Assembly.
The budget is expected to be funded by domestic borrowings. This will increase the budget deficit to N8.17 trillion.
According to a letter read by the Speaker of the House of Representatives, Femi Gbajabiamila, the supplementary budget is to address food security, following devastating floods across the country, as well as damage to the road infrastructure and water sectors.
The president said the supplementary budget is premised on the need to complete ongoing critical Federal Government projects, such as dams and irrigation projects.