She said her ministry presented a memo to FEC with a 2022 projected revenue of N6.54tr and N2.62tr to accrue to the Federation Account.
The minister said the budget deficit projected for 2022 is N5.62tr, up from N5.60tr in 2021. This amount represents 3.05 percent of the estimated GDP, which is slightly above the 3% threshold that is specified in the Fiscal Responsibility Act.
“The deficit is going to be financed by new foreign borrowing and domestic borrowing, both domestic and foreign in the sum of N4.89tr; on privatisation proceeds of N90.73bn and drawdowns from existing project tied loans of N635bn.”
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