Buhari seeks revision of 2022 fiscal framework

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President Muhammadu Buhari has requested the revision of the 2022 fiscal framework.

He stated this in a letter to the House of Representatives on Thursday.

Speaker Femi Gbajabiamila, who read the letter during plenary, said a revised 2022 fiscal framework submitted by the President for urgent legislative action indicates that the total budget deficit is projected to increase by N965.42 million to N7.35 trillion.

He said this represents 3.9 percent of the Gross Domestic Product (GDP).

He said the incremental deficit would be financed by borrowings from the domestic market.

“You are aware Mr Speaker that they has been many new developments both in the global economy and the domestic economy which has necessitated the revision of the 2022 fiscal framework on which the 2022 budget was based.

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“The total budget deficit is projected to increase by N965.42 million to N7.35 trillion representing 3.99 percent of GDP. The incremental deficit would be financed by new borrowings from the domestic market.

“Given the urgency for the request of the revision of the 2022 fiscal framework and 2022 budget amendments, I seek the cooperation of the National Assembly for expeditious legislative action on this request,” the President’s letter read.

Gbajabiamila said the request would be passed to the Committee on Finance for further legislative action.

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