The Federal Government says it will borrow more to finance the 2022 budget deficit which stands at N6.258 trillion
The Minister of Finance, Budget and National Planning, Zainab Ahmed made it known on Wednesday at the Presidential Villa while briefing the State House Press after the Federal Executive Council FEC meeting in Abuja.
According to her, the move will aid the funding of federal government developmental projects.
The Minister who disclosed that the total size of the federal government borrowing was within expected limits however said that” government has been borrowing before this administration and continues to borrow and it is important that we borrow to provide developmental projects in the form of roads,rails,bridges,power and water for sustainable development in the country,’
” As of July 2021, the total borrowing is 23 % of GDP. When you compare our borrowing to other countries, we’re the lowest within the region,lowest compared to Egypt, South Africa, Brazil,Mexico, the very lowest, and Angola ” Ahmed said.
President Muhammadu Buhari had written to the National Assembly( NASS) on the 2022 Appropriation Bill.The N16.45 trillion budget is expected to be presented to the NASS by the president on Thursday,.
