Buhari To Reps: I’ll Finance ₦7.4trn Budget Deficit With New Borrowings

President Muhammadu 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.

Buhari said this in a letter read by Speaker Femi Gbajabiamila during plenary on Thursday.

The President also requested for the review of the 2022 Medium-Term Expenditure Framework (MTEF) upon which the budget was hinged.

2022 Budget: NACCIMA decries new borrowings; welcomes timely presentationOur debt level still within sustainable limits ― Buhari2022 budget: FG to fund N5.62 trillion deficit with loans

“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 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,” he said.

The Speaker thereafter, referred the letter to the House Committee on Finance for further legislative action.

Source:- Vanguard

Share on:  Whatsapp  Twitter  Facebook