Latest
FG to finance 2022 budget deficit with new borrowing
FG to finance 2022 budget deficit with new borrowing.
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.
“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 a 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.
-
News6 days agoWidow of late investigative broadcaster Kola Olawuyi dies
-
Crime6 days agoOutrage as NYSC doctor allegedly dies after delay in approving sick leave
-
Latest5 days agoOne killed as ethnic clash erupts in Ibadan following reported overnight stabbing (video)
-
Aviation6 days agoNIS issues updated guidelines for contactless passport renewal for Nigerians abroad
-
Energy1 week agoGas flaring takes toll on children, residents in Rivers oil-producing communities
-
Aviation7 days agoCould you prove that bag is yours? The precautions that could protect you from a travel nightmare
-
Latest6 days agoLagos arrests 396 beggars in fresh crackdown on street begging (Video)
-
Agribusiness5 days agoStrengthening Nigeria’s Food Production Through Reliable Water Storage Infrastructure