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By Derrick Bangura
President Muhammadu Buhari has written to the House of Representatives to request an increase in the budget deficit for 2022, which will be paid through domestic borrowing.
Buhari stated this in a letter presented in plenary on Thursday by Speaker Femi Gbajabiamila.
The President also asked for a review of the 2022 Medium-Term Expenditure Framework (MTEF), which constituted the foundation for the budget.
“As you are aware, Mr. Speaker, new developments in the world and domestic economies have prompted a modification of the fiscal framework for 2022, on which the 2022 budget was built.
Buhari stated this in a letter presented in plenary on Thursday by Speaker Femi Gbajabiamila.
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The President also asked for a review of the 2022 Medium-Term Expenditure Framework (MTEF), which constituted the foundation for the budget.
“As you are aware, Mr. Speaker, new developments in the world and domestic economies have prompted a modification of the fiscal framework for 2022, on which the 2022 budget was built.
“The total budget deficit is expected to rise from N965.42 billion to N7.35 trillion, or 3.99 percent of GDP,” according to the report.
“New borrowings from the domestic market will be used to fund the increase in the deficit.
“Given the urgency of the proposal for a revision of the budgetary framework for 2022 and a budget amendment for 2022,” he added, “I want the corporation of the National Assembly to move quickly on this request.”
The letter was then referred to the House Committee on Finance for further legislative action by the Speaker.
