2022 Budget Deficit Jumps To N7.35tn, Buhari Seeks Approval To Borrow N965bn

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.

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

According to the President, there have been new developments both in the global economy as well as in the domestic economy, which have necessitated the revision of the 2022 Fiscal Framework on which the 2022 budget was based.

The letter read,

“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”.

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