Zainab Ahmed, minister of finance, budget and national planning, says the federal government will borrow N6.258 trillion to finance the 2022 budget deficit.
Ahmed made this disclosure while briefing state house correspondents on the details of the 2022 budget proposal.
The finance minister argued that the government is borrowing to provide developmental projects — roads, rails, bridges, power and water for sustainable development in this country.
She said the government would finance the N6.258 trillion deficit by new borrowings of N5.012 trillion (of which domestic — N2.506 trillion and foreign — N2.506 trillion) from project-tied multilateral/bilateral loans — N1.156 trillion and privatization proceeds of N90.73 billion.