The Minister of Finance and National Planning, Zainab Ahmed, has said the federal government will borrow over N11 trillion and sell national assets to finance the budget deficit in 2023. She also said the government’s budget deficit is expected to exceed N12.42 trillion if it should keep petroleum subsidy for the entire 2023 fiscal cycle.

Mrs Ahmed disclosed this on Tuesday while appearing before the House of Representatives Committee on Finance to defend the 2023-2025 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

Explaining the two scenarios to the committee, the minister said the first option involves retaining the petroleum subsidy for the entire 2023 fiscal year.

Source: Premium Times