According to Buhari, the funds would be borrowed from local and foreign sources and be used to finance the budget.
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The supplementary budget is coming at a time that the nation is witnessing scarcity of PMS, a situation that has resulted in queues at different service stations across the oil-rich nation.
The N465. 6 billion supplementary budget proposal is made up of N460.6 for additional recurrent (non-debt) expenditure while the balance of N5 billion is for capital expenditure. Benchmark oil price of 53 dollars per barrel and an exchange rate of 190 per dollar.
“2. FGN aggregate expenditure was estimated at N4.485 trillion, comprising of statutory transfers-N354.34 billion, debt service-N953.6 billion, recurrent-non debt personnel cost-N1.828 trillion, recurrent non debt overhead -N791”.
“An upward revision of the new borrowing from N882.1 billion to N2.103 trillion and new funding requirement to address security challenges and other important obligations in the sum of N465.64 billion”.
Also yesterday, the Senate approved the $200 million World Bank loan for Development Policy Operation (DPO) for Lagos State.
In a spending proposal sent to the National Assembly on Wednesday, Buhari requested to increase expenditure this year by an additional 466 billion naira ($2.4 billion).
Goje advised Buhari to always scrutinise the request for loan approvals by state governors before giving them his support.
He said the upper chamber would do everything within its power to alleviate the sufferings of Nigerians, who had been going through hardship due to shortage of petrol in the country.
No official explanation was given by the presidency for the failure to convene the meeting.
The government said two weeks ago that the remaining subsidy-related debt would be paid.
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He however said no reason was given in the memo for the cancellation of the meeting.
