President Muhammadu Buhari has written to the House of Representatives seeking an increase in the 2022 budget deficit to be
financed through borrowing from the domestic market.

Buhari said this in a letter read by Speaker Femi Gbajabiamila during
plenary on Thursday.

The President also requested for the review of the 2022 Medium-Term
Expenditure Framework (MTEF) upon which the budget was hinged.

He said the new development both in the global economy as well as the
domestic economy has necessitated the revision of the 2022 fiscal
framework on which the 2022 budget was based.

The President added that given the urgency of the request for revision of
the 2022 fiscal framework and 2022 budget amendment, he seeks the
corporation of the National Assembly for expeditious action on the

The Speaker thereafter, referred the letter to the House Committee on
Finance for further legislative action.