*Presents 2022 budget estimate of N16.39trn to NASS
*Adds deficit ‘ll be financed by new borrowings
*Notes New Finance Bill 2022 underway
By Levinus Nwabughiogu
President Muhammadu yesterday presented the 2022 budget of N16.39 trillion to a joint session of the National Assembly, justifying his quest for more financial borrowings.
The President, who also noted that the federal government’s debt was within sustainable limits, said nation’s the borrowings were tied to specific strategic projects.
Recall that the federal government had come under hard criticisms over its decision to more borrowings.
The President, however, noted the concerns raised by Nigerians, saying projects for which the funds were secured could be publicly verified. He added that the deficit arising from the N16.39 trillion 2022 budget would be financed by new borrowings.
Buhari also said that the two economic recessions witnessed by his administration necessitated the debt.
He said: “We plan to finance the…
Source: Vanguard Newspaper