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

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

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Buhari

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

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.

President Buhari 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.

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