Buhari writes to NASS and asks for permission to borrow money to fund 2022 budget
|President Muhammadu Buhari|
President Muhammadu Buhari has written to the House of Representatives asking for an increase in the 2022 budget deficit to be financed by borrowing from the domestic market.
According to the News Agency of Nigeria (NAN), Buhari said this in a letter read by President Femi Gbajabiamila during Thursday’s plenary.
The President also requested the revision of the medium-term expenditure framework (MTEF) 2022 on which the budget was articulated.
“As you know, Mr. President, the new developments in both the global economy and the national economy have necessitated the revision of the 2022 budget framework on which the 2022 budget was based.
“The total budget deficit is expected to decline from N965.42 trillion to N7.35 trillion, which is 3.99% of GDP.
“The increase in the deficit will be financed by further borrowing on the domestic market.
“Given the urgency of the request for revision of the 2022 budget framework and modification of the 2022 budget, I seek the cooperation of the National Assembly for prompt action on this request,” he said.
The speaker then referred the letter to the House Finance Committee for legislative action.