President Muhammadu Buhari has sought a review of the 2022 Medium-Term Expenditure Framework (MTEF) owing to what the president called “new development” in both the home and foreign fronts.
In the letter to the House of Representatives on Thursday, which was read by the Speaker, Mr Femi Gbajabiamila, at the day’s Plenary on Thursday, Buhari justified the request for additional increment of N965.42 billion, making total deficit of N7.35 trillion.
The total budget deficit of N7.35 trillion represents 3.99 percent of the Gross Domestic Product (GDP).
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The president in the letter wrote, “As you are aware Mr Speaker, the new development both in the global economy as well as the domestic economy have necessitated the revision of the 2022 fiscal framework on which the 2022 budget was based.
“The total budget deficit is projected to increase by N965.42 billion to N7.35 trillion representing 3.99 percent of the GDP. The increment of deficit will be financed by a new borrowing from the domestic market.
“Given the urgency of the request for revision of the 2022 fiscal framework and 2022 budget amendment, I seek the corporation of the National Assembly for expeditious action on this request.”
The letter was referred to the House Committee on Finance for further legislative action after reading.
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