Nigeria’s President Buhari Approves $1.8 Bln Extra Budget For Food Security Threatened by Floods
A woman pounds ingredients in a mortar as she prepares food in an internally displaced people’s (IDP) camp, where flood evacuees are accommodated, at Community Primary School in Ihuike, Niger delta region of Ahoada, Rivers State, southern Nigeria, on October 21, 2022
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.
AfricaOpposition Urges Nigerians to Praise New Central Bank Monetary Policy Rather Than Criticize It10 December, 13:50 GMTGovernment’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.