BUHARI WRITES HOUSE, SEEKS INCREASE IN BUDGET DEFICIT FUNDING

Written by on April 8, 2022

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 the review of the 2022 Medium-Term Expenditure Framework (MTEF) upon which the budget was hinged.

“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.

The President said given the urgency of the request for revision of the 2022 fiscal framework and 2022 budget amendment, he seeks the corporation of the National Assembly for expeditious action on the request.

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


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