The Federal government is planning to budget N13.91 trillion as budget for the 2022 fiscal year.
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said the projected budget will have a deficit of 3.05 percent and will be financed through privatisation of government assets and new borrowings.
Zainab spoke on Thursday at the public presentation of the 2022-2024 Medium Term Expenditure Framework /Fiscal Strategy Paper (MTEF/FSP).
READ ALSO: Stock Market: Market Capitalisation Shrinks By 0.5%, As Investors Part With N10bn
She said, “The total budget size will be 11.907trillion but when you add the government owned enterprises, it moves to N13.91trillion. This is compared to the N13.58trillion for 2021. Then in 2023 the budget size moves to N15.45triIlion and N16.77trillion in 2024.
“For 2022 we will have a fiscal deficit that is 3.05 per cent. This is just 0.5 per cent higher than what is in the Fiscal Responsibility Act. It is also an improvement on the 3.93 per cent that is in the 2021 appropriation.
She added, “The financing items for the budget will include proceeds for the privatization, drawing multilateral/bilateral loans and new borrowings from both domestic and local markets to fund the deficit of N5.622tr in the 2022 budget and a similar amount in the 2023 budget.
“Borrowing will be 50 per cent local and 50 per cent international.”
