In his government's final budget, Mr Buhari sets out a record N10.78 trillion deficit, more than N7.35 trillion in 2022 and above the mark...
The Nigerian government has announced plans to borrow N8.80 trillion to finance its budget deficit in 2023 in a move that is yet again a breach of the Fiscal Responsibility Act.
The Act says “aggregate expenditure and the aggregate amount appropriated by the National Assembly for each financial year shall not be more than the estimated aggregate revenue plus a deficit, not exceeding three per cent of the estimated Gross Domestic Product or any sustainable percentage as may be determined by the National Assembly for each financial year.”
“As envisaged by the law, we need to exceed this threshold considering the need to continue to tackle the existential security challenges facing the country,” the president argued. announced that the nation’s budget deficit would rise to N5.62 trillion in 2022, up from N5.60 trillion in 2021. As it did in 2021, the government has again argued that the socio-economic situations demand that it takes drastic steps to address the nation’s challenges.
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