The federal government has said the N6.258 trillion budget deficit in the proposed 2022 Appropriation Bill will be financed through local and external loans.

Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, made this known at the end of the weekly Federal Executive Council meeting, presided over by President Muhammadu Buhari at the State House, Abuja.

She also disclosed that the council approved the proposed 2022 Budget of N16.39 trillion.

The minister said though concerns are being raised over the frequent borrowings by the administration, Nigeria’s borrowings have not spun out of control.