Also, Senate has also amended the 2022 Appropriation Act
The National Assembly has passed the 2022 Supplementary Budget of N819.5 billion.
The supplementary budget will address food security after the havoc wreaked by devastating floods across the country, as well as Damages to road infrastructure and the water sector.
It is expected that the supplementary budget will be funded by additional borrowing, increasing the budget deficit to 8.17 trillion naira.
A breakdown of the Supplementary Budget shows that the Ministry of Agriculture will get N69 billion, Ministry of Water Resources N15.5 billion, FCT N30 billion and Ministry of Works and Housing N704 billion.
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The Senate has also amended the 2022 Appropriation Act to extend the implementation period from December 2022 to March 2023.
According to the Upper Chamber, the amendment of the 2022 Appropriation Act is supposed to see to the implementation of key capital projects which are contained in the act but have not yet been funded.
And
A report by the United Nations Conference on Trade and Development has revealed that a combination of high food prices and a strong dollar is negatively affecting Nigeria and other developing countries,
According to the report, this combination is making citizens of these countries suffer to make ends meet.
The organization explains that the world has suffered three major food price hikes in this century. The first two were in 2007-2008 and 2010-2012, with a third one currently because of the COVID-19 pandemic and the war in Ukraine.