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FEC approves N16.39trn 2022 budget proposal

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The Federal Govt Council (FEC) on Wednesday, authorised the 2022 Appropriation Invoice for an combination expenditure of N16.39 trillion for presentation to the Nationwide Meeting by President Muhammadu Buhari on Thursday.

Dr Zainab Ahmed, the Minister of Finance, Price range and Nationwide Planning, made this identified on Wednesday when she briefed State Home correspondents on the results of the Council assembly, presided over by President Buhari, in Abuja.

She stated the federal government will proceed to borrow to fund infrastructure initiatives because it doesn’t get sufficient from its revenues.

She stated, “If we simply depend upon the revenues that we get, though our revenues have elevated, the operational expenditure of the federal government, together with salaries and different overheads, is barely coated or swallowed up by the income.

“So, we have to borrow to have the ability to construct these initiatives that’ll be certain that we’re capable of develop on a sustainable foundation.

“As at July 2021, the overall borrowing is 23% of GDP. While you evaluate our borrowing to different nations, we’re the bottom inside the area, lowest in comparison with Egypt, South Africa, Brazil, Mexico, the very lowest, and Angola.

“We do have an issue with income. Our revenues have been rising. We simply reported to the Council that our revenues from non-oil have carried out, as of July, on the charge of 111%, which suggests outperforming the prorated funds.“

Why FG received’t cease borrowing from different nations – Finance Minister, Zainab Ahmed

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