The deficit stands at N5.6 trillion or 41 per cent of the N13 trillion budget. The loan estimates are 60 per cent or N5.6 trillion higher than the total N9.4 trillion earmarked for capital projects in the three years. “What we are about to pass is not a new borrowing, it has been approved in the 2021 budget,” he said. We also reported to council the budget deficit and the financing items for the expenditure. The budget deficit that is projected for 2022 is N5.62 trillion, up from N5.60 trillion in 2021.

Source: The Guardian July 08, 2021 04:41 UTC