FG May Exceed Legal Borrowing Limit to Fund Proposed 2023 Budget Deficit

News - by RadioNow / Aug. 30th, 2022

The federal government says over N11 trillion in borrowings will be needed to finance the proposed 2023 budget deficit. 

Zainab Ahmed, minister of finance, budget and national planning, revealed this yesterday while appearing before the house of representatives committee on finance to defend the 2023-2025 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). 

The proposed borrowings will see the federal government overshoot the legal borrowing limit as stipulated in the Fiscal Responsibility Act. 

Mrs Ahmed noted that the government’s budget deficit is expected to exceed N12.42 trillion if the federal government keeps the petroleum subsidy for the entire 2023 fiscal cycle. 

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