Nigerian President Muhammadu Buhari, determined to borrow away Nigeria’s future, has written to the House of Representatives to seek an increase in the 2022 budget deficit to be financed through borrowing from the domestic market.
The President, in a move that would inflate the federal government debt profile currently at over $80 billion, stated this in a letter read by Speaker Femi Gbajabiamila during plenary on Thursday.
President Buhari also requested for the review of the 2022 Medium-Term Expenditure Framework (MTEF) upon which the budget was hinged.
“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 deficit will be financed by a 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 cooperation of the National Assembly for expeditious action on this request,” he said.
Thereafter, Speaker Gbajabiamila referred the letter to the House Committee on Finance for further legislative action.