Due to diminishing revenue, Nigeria’s finance minister, Zainab Ahmed, has announced that the federal government wants to borrow around N4.89 trillion from both domestic and external sources to fund the deficit in its projected 2022 budget of N13.98 trillion.
She stated this at a House of Representatives Committee on Finance interactive session on the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper on Monday in Abuja.
Despite the recent correction by the Central Bank of Nigeria, the perception of the naira as being overvalued has worsen Nigeria’s risk aversion in the global capital market.
She stated that this action would put additional pressure on the foreign exchange market, noting that foreign portfolio investors have yet to return to the Nigerian market.
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According to Ahmed, ministries, departments, and agencies will get N1.76 billion in capital expenditure next year, compared to N2.02 billion in 2021.
The minister also revealed that the exchange rate has been set at N410.15 per dollar and the oil benchmark has been set at $57 per barrel.
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