Experts caution Buhari, propose income drive • FG’s repetitive ascent 217% to N8tn
The Federal Government surpassed its getting by N1.15tn for the period among January and August 2022, The PUNCH has learnt.
A copy of the public presentation of the 2023 proposed budget by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, showed that the Federal Government planned to borrow N6.10tn in 2022.
A breakdown shows that the Federal Government wanted to get N3.53tn from homegrown banks and N2.57tn from unfamiliar leasers.
As per the report, the National Government assessed that it would acquire N4.07tn among January and August 2022.
However, the Federal Government accumulated N5.33tn debt within the period under review, which is N1.15tn higher than the expected N4.07tn planned debt.
A further breakdown showed that the Federal Government borrowed N4.82tn from domestic creditors and N510.21bn from foreign creditors.
The debt from domestic creditors includes the Federal Government’s borrowing from the Central Bank of Nigeria through the Ways and Means Advances.