The President, Major General Muhammadu Buhari (retd.), has written a letter to the House of Representatives, informing the parliament that the deficit in the 2022 Appropriation Act has risen by N965.42bn to N7.35tn.
Consequently, the President said the Federal Government would borrow funds to fill the gap.
Buhari, therefore, called for an amendment to the Federal Government’s budget and the fiscal framework for 2022
According to the President, there have been new developments both in the global economy as well as in the domestic economy, which have necessitated the revision of the 2022 Fiscal Framework on which the 2022 budget was based.