Nigeria Exceeds FRA Threshold Due to Insecurity
Quote from Ndubuisi Ekekwe on July 10, 2021, 9:58 AMThe Nigerian budget deficit will exceed the normal threshold put by Fiscal Responsibility Act(FRA). But that will happen as the government is using the art of war to justify it. Indeed, the war has not been won contrary to the position of the government which is that Boko Haram has been defeated.
Nigeria’s budget deficit is projected to rise to N5.62 trillion in 2022, up from N5.60 trillion in 2021, the Minister of Finance, Budget and National Planning, Zainab Ahmed, has said.Mrs Ahmed made this known while briefing State House Correspondents after the federal executive council meeting in Abuja on Wednesday.
The minister explained that the budget deficit represents 3.05 per cent of the estimated GDP, which is slightly above the 3 per cent threshold that is spelt out in the Fiscal Responsibility Act.
“The FRA empowers Mr. President to exceed the threshold if in his opinion, the nation faces national security threats. And it is our opinion, and FEC agreed that we can exceed it,” she said.
The Nigerian budget deficit will exceed the normal threshold put by Fiscal Responsibility Act(FRA). But that will happen as the government is using the art of war to justify it. Indeed, the war has not been won contrary to the position of the government which is that Boko Haram has been defeated.
Nigeria’s budget deficit is projected to rise to N5.62 trillion in 2022, up from N5.60 trillion in 2021, the Minister of Finance, Budget and National Planning, Zainab Ahmed, has said.
Mrs Ahmed made this known while briefing State House Correspondents after the federal executive council meeting in Abuja on Wednesday.
The minister explained that the budget deficit represents 3.05 per cent of the estimated GDP, which is slightly above the 3 per cent threshold that is spelt out in the Fiscal Responsibility Act.
“The FRA empowers Mr. President to exceed the threshold if in his opinion, the nation faces national security threats. And it is our opinion, and FEC agreed that we can exceed it,” she said.