• FG to raise $N90b from sales of power firms
• Debts rising because we borrowed our way out of two recessions, says Buhari
• Experts frown on non-compliance with full implementation, reliance on crude oil to fund budget
• Point ways to reduce borrowing
• APC urges speedy passage
• Lawan cautions Buhari to reduce borrowing, explore other sources of funding
President Muhammadu Buhari, yesterday, before a joint session of the National Assembly, unveiled a record N16.39 trillion ‘‘Budget of Economic Growth and Sustainability’’ for 2022, with a projected 25 per cent year-on-year rise in government spending as the economy struggles with the impact of the pandemic.
The President, decked in a white agbada, said he expects the total fiscal operations of the Federal Government to result in a deficit of N6.26 trillion, representing 3.39 per cent of estimated GDP, slightly above the three per cent threshold set by the Fiscal Responsibility Act 2007.
The President further put…
Source: Guardian Newspaper