‘Budget deficit projected to hit N7.35trn’- President Buhari seeks lawmakers approval for new borrowing

SHARE

President Buhari has written to the House of Representatives seeking an increase in the 2022 budget deficit to be financed through borrowing from the domestic market.

 

In a letter sent to the House of Representatives and read by the speaker, Femi Gbajabiamila, on Thursday, April 7, President Buhari said the total budget deficit is projected to increase by N965.42 billion to N7.35 trillion, representing 3.99% of GDP.

 

He said the incremental deficit will be financed by new borrowings from the domestic market. The President also requested the review of the 2022 Medium-Term Expenditure Framework (MTEF), upon which the budget was hinged.

 

“As you are aware, Mr Speaker, the new development both in the global economy as well as the domestic economy has necessitated the revision of the 2022 fiscal framework on which the 2022 budget was based. The total budget deficit is projected to increase from N965.42 billion to N7.35 trillion, representing 3.99 percent of the GDP.

The increment of the deficit will be financed by new borrowings from the domestic market.

Given the urgency of the request for revision of the 2022 fiscal framework and 2022 budget amendment, I seek the corporation of the National Assembly for expeditious action on this request” the letter read in part

 

The President’s request has been sent to the house committee on finance for further legislative action.

Leave a Reply

Your email address will not be published. Required fields are marked *

Also read...

FG, USAID other Stakeholders brainstorm to improve the state of Nutrition in the country.
13 October 2022
Truly A Festival of Ideas
11 October 2022
Erelu Bisi Fayemi: A First Lady With a Class
10 October 2022
Photospeak: Pictures capture moments at the Capacity Building training programme
03 October 2022
1 2 3 1,059