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2022 Budget: Senate President Condemns N6.26 Deficit

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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.

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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.

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“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.

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“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.

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“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.

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“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.”

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

 

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