firewalld fails to start due to "Error: could not process rule: No such file or directory"

Issue

• firewalld fails to start even with default firewalld configuration.
• systemctl status firewalld shows failure due to Error: could not process rule: No such file or directory.

* firewalld.service - firewalld - dynamic firewall daemon
   Loaded: loaded (/usr/lib/systemd/system/firewalld.service; enabled; vendor preset: enabled)
   Active: active (running) since Mon 2022-05-02 13:38:55 UTC; 1 day 3h ago
     Docs: man:firewalld(1)
 Main PID: 5304 (firewalld)
    Tasks: 2 (limit: 100942)
   Memory: 27.0M
   CGroup: /system.slice/firewalld.service
           `-5304 /usr/libexec/platform-python -s /usr/sbin/firewalld --nofork --nopid --debug=10

May 02 13:38:55 hostname systemd[1]: Starting firewalld - dynamic firewall daemon...
May 02 13:38:55 hostname systemd[1]: Started firewalld - dynamic firewall daemon.
May 02 13:38:55 hostname firewalld[5304]: WARNING: AllowZoneDrifting is enabled. This is considered an insecure configuration option. It will be removed in a future release. Please consider disabling it now.
May 02 13:38:56 hostname firewalld[5304]: ERROR: 'python-nftables' failed: internal:0:0-0: Error: Could not process rule: No such file or directory