Nigerian parliament approves $2.39 bn supplementary budget

Nigeria’s parliament passed a 982.729 billion naira ($2.39 billion) supplementary budget on Wednesday to fund Covid-19 vaccines and defence services.

Parliament also approved the external borrowing of 6.183 billion dollars through issuance of a Eurobond.

President Muhammadu Buhari had requested the funds to purchase Covid-19 vaccines, for which no provision was made in the 2021 budget approved in December.

The supplementary budget will also go towards the military at a time Nigeria faces rising insecurity – ranging from mass abductions at schools, kidnappings for ransom, armed conflict between herdsmen and farmers, armed robberies and various insurgencies in the north of the country.

($1 = 411.0000 naira)

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