Buhari Seeks Fresh N819bn Loan, As Domestic Debts Hit N22.57tn

December 22, 2022 by Delia Innoma 0 Comments

Nigeria’s domestic debt rose to N22.57tn as the Federal Government on Wednesday proposed a last-minute supplementary budget for the 2022 fiscal year.

The President, Major General Muhammadu Buhari (retd.), is seeking the approval of the National Assembly for N819.54bn supplementary budget, which it planned to finance through domestic borrowing.

Buhari on Wednesday forwarded to the National Assembly for approval, N819.5bn supplementary budget for the 2022 fiscal year to fix various infrastructure destroyed by floods across the various states in the country a few months ago.

The supplementary budget as explained by the President in a letter read in plenary by the President of the Senate, Ahmad Lawan, is meant for the capital expenditure component of the 2022 budget with an attendant increase of deficit to N8.17tn.

-Punch

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About Delia Innoma

Delia Innoma is a prolific writer, promoter, artist manager with full professional proficiency in English, German and Igbo languages. She studied accounting and computer programming at the Institute of Management and Technology Enugu and Germany respectively. Delia is also a devoted mother of two and she founded the Diamond Celebrities Magazine. Her sense of responsibility and commitment to the Christian faith are essential forces driving her daily activities.

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