Minister of Finance, Zainab Ahmed
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.
According to the News Agency of Nigeria (NAN), Buhari said this in a letter read by Speaker Femi Gbajabiamila during plenary on Thursday.
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 cooperation 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.
UNIBEN Best Graduating Students get N1 million Prize The Osasere Osifo Prize for Academic Excellence…
The committee set up by the Edo government to recover government assets says over 200…
Victor Boniface of Bayer Leverkusen will miss "a few games" following his return from international…
ABUJA–On Friday, the Federal High Court in Abuja placed 109 suspected foreign hackers who tried…
Enugu State Government has commended the Government of the Republic of Finland for the arrest…
The International Criminal Court has issued arrest warrants for Israeli PM Benjamin Netanyahu and former…