2022 Budget: Senate President Condemns N6.26 Deficit

President of the Senate, Ahmad Lawan, has expressed his displeasure with the budget deficit for 2022.

He stated this during President Muhammadu Buhari’s presentation of the 2022 Budget estimates to a joint session of the National Assembly in Abuja on Thursday.

Remember that the planned budget’s deficit is N 6.26 trillion.

Lawan, who acknowledged that the budget deficit is high, stated that both the legislative and the executive branch should cooperate to lower the deficit by increasing revenue.

“In our desire for progress, generating and collecting funds has remained a key difficulty.

“The national assembly’s and executive’s recent moves to confront revenue-generating entities are a step in the right direction.

“At the same time, the Legislature and the Executive have recently taken the position of insisting on a zero allocation for Ministries, Departments, and Agencies (MDAs) that do not remit/upload their income for the 2022 Appropriation.”

“The MDAs’ contribution increased by almost N400 billion as a result of this.” MDAs, in my opinion, may contribute significantly more to the Federation Account.

“To cover additional MDAs, this strategy should be expanded and deepened,” Lawan said.

“We understand that due to a lack of revenue, the Federal Government is forced to raise cash from international and domestic sources to build infrastructure across the country,” Lawan said of borrowings.

“As a result, the national assembly authorized the borrowing proposals.

“Because the federal government is committed to providing infrastructure across the country, funding must be obtained in some way.”

“In order to reduce borrowing, the government should look at other funding options for its projects.”

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