Connect with us
Advertisement

Nigeria News

Poverty And Unemployment Might Be Worse Next Year – Ngige Says As He Reveals Nigeria Is Broke

Published

on

Ngige Rejects Bill Seeking Five-year Mandatory Practice for Nigerian-trained doctors
Advertisement

The Minister of Labour and Employment, Chris Ngige has spoken on the financial state of Nigeria.

Ngige while speaking at the 2022 World Day Against Child Labour revealed that the country is currently broke, Naija News reports.

He explained that the Federal Government does not have enough funds to execute capital projects next year which might worsen unemployment and poverty.

He said: “I can tell you that Nigeria is broke. There is no money to fund capital projects next year. As you can see, the dollar that has been hovering around N500 and N600 is now above N700. The truth is that there is no money anywhere. The money that the FAAC (Federation Account Allocation Committee) has been sharing is money from taxes, customs and other revenue-generating agencies.?

Advertisement

“The National Nigerian Petroleum Company Limited (NNPC) no longer remits money to FAAC. So, the situation calls for patriotism from all Nigerians. The lack of money to fund capital projects would have implications on the capacity to create jobs. If jobs are not created, poverty will increase in the country.”?

Nigeria Is Not Broke – Fashola

The Minister of Works and Housing, Babatunde Fashola, has said that Nigeria is not broke.

Fashola had said this during an interview on Channels Television.

Advertisement

The former governor of Lagos state insisted that being indebted and being able to service your debt in conventional finance is not being broke.

His words: “To the best of my knowledge, Nigeria is not broke. Being indebted and being able to service your debt in conventional finance is not being broke.

“In any event you have to understand that the business of lending itself is a profitable business. So if nobody contracted debts where will all the banks and other financial institutions be? Where will they throw all the people they employ?

Advertisement
Advertisement