The Lagos Chamber of Commerce and Industry (LCCI) has warned that the federal government’s deficit financing in 2022 might exceed the projected N6.25 trillion due to low public revenue mobilisation in the economy. The LCCI made this observation during its 133rd Annual General Meeting (AGM), where it attributed the weak component of the Foreign Direct Investments (FDIs) in the first half of 2021 capital importation to foreign investors’ declining interest in bringing their FDIs to Nigeria. The President of the LCCI, Mrs. Toki Mabogunje, said in her presentation of the chamber’s 2011 Annual Report that Nigeria might not meet the ambitious revenue target of N10. 13 trillion it set for itself in 2022. Mabogunje said: “If we do not meet our revenue target, which looks too ambitious, the deficit financing for the will likely be higher.” The revenue projection in the proposed 2022 budget is N10.13 trillion based on $57 per barrel crude oil price and the production of 1.88 million barrels per day at N410 per United States dollar. She also cautioned the federal government on the country’s growing debt profile, which rose to N35.5 trillion in June 2021.

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