Estimated Reading Time: <1
The Federal Government has disclosed that it borrows internally over N600 billion on average each year to pay salaries of its workforce. According to the government, many states may not be able to pay salaries in the next three to four months, if things continue the way they are.
Secretary to the Government of the Federation, SGF, Mr. Babachir Lawal, disclosed this yesterday in Jos, where he represented President Muhammadu Buhari at the opening ceremony of the 63rd General Church Council meeting of the Evangelical Church Winning All, ECWA.
He urged all faith-based organizations and traditional institutions to sensitize the citizenry on the need to exercise patience in the hardship currently being experienced by all, stressing that though this administration inherited a country robbed almost to the last penny, it would be revived within a short time.
The SGF lamented that the present administration inherited an ailing economy that must be nurtured for sometime before it stabilized and assured citizens that with the desired cooperation, the country would come out of the challenges and assume its rightful place as the most populous black nation.
His words: “N600 billion is on the average, if you look at monies coming from the Federation allocations, even for the states, Federal government sometimes get N130 billion and sometimes if lucky, N200 billion and we have an expenditure profile of roughly N800 and N900 billion. Naturally, you need to augment sources from everywhere and from wherever you can find it.
“There are so many avenues, I’m talking about local borrowings, not international. There are ways and means to raise the money, because the monies coming from the Federal allocation is not enough and the figures are not fixed, they vary from month to month, it depends on what is able to get into the treasury and our own share of it. Just like the states and you remember that there was a time Osun state got N55 million in a month from the Federation allocation and the state has a salary bill of over N4 billion in a month, so the problems are too many.
“This government came into power at the very brink of the collapse of our nation, which had over the years been riddled by corruption, insurgency, youth unemployment and economic meltdown. Some stolen funds have been recovered from the corrupt public office holders and negotiations are ongoing with the host countries where those funds were lodged to repatriate our common wealth.”
- Sharia court in Kano sentences 60 year old Man to death by stoning for Rape
- Former US Ambassador to Nigeria, Walter Carrington, Dies at 90
- How are bandits getting weapons? Buhari queries Service Chiefs
- UNILAG Vice-Chancellor, Ogundipe responds to sack notice. Says it is a ‘figment of the imagination’
- Borno Governor appoints new Chief Of Staff
- Insecurity: Allow responsible citizens carry weapons, Benue Governor tells FG
- Transportation costs might increase as Lagos government introduces new taxes
- Film Censors Board issues 30-day notice on mandatory content registration
- Boko Haram leader, Abubakar Shekau, in a new audio condemns Kano death sentence
- After NewsWireNGR Exclusive, Nigerian Govt assures, ‘Air Peace will recall some sacked pilots’