The Federal Government has announced plans to finance the proposed 2022 budget deficit pegged at N6.258 trillion through fresh borrowings.

Minister of Finance, Budget and National Planning, Zainab Ahmed disclosed this during a press conference after the Federal Executive Council meeting in Abuja,

According to Zainab, the fresh borrowings move is necessary to enable the government to build projects and to ensure they are developed on a sustainable basis.

She also that Nigeria’s borrowing has been of great concern but the total size of the borrowing is still within healthy and sustainable limits.

She said;

“Government has been borrowing before this administration and continues to borrow and it is important that we borrow to provide developmental projects in the form of roads, rails, bridges, power and water for sustainable development in this country.”

The Minister further stressed that;

“If we just depend on the revenues that we get, even though our revenues have increased, the operational expenditure of government, including salaries and other overheads, is barely covered or swallowed up by the revenue.”