The Federal Government planned to borrow about 4.89 trillion naira from internal and external sources to finance the deficit in its proposed 2022 budget of 13.98 trillion naira due to dwindling revenue.
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The Minister of Finance, Budget and National Planning, Zainab Ahmed, made this known in Abuja at an interactive session organized by the House of Representatives’ Committee on Finance on the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper.
The minister stated that the plan to borrow become necessary due to economic volatility occasioned by unstable global oil market as well as the effects of the COVID-19 pandemic.
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