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General News of Saturday, 30 July 2022

Source: www.mynigeria.com

Nigeria is broke - Ngige

Chris Ngige, Minister of Labour Chris Ngige, Minister of Labour

The Minister of Labour and Employment, Dr. Chris Ngige, has said Nigeria is broke and that there is no money anywhere.

He noted that the money the Federation Account Allocation Committee (FAAC) has been sharing is money from taxes, customs and other revenue-generating agencies.

Ngige said this whiles speaking at the 2022 World Day Against Child Labour. Adding that lack of money to fund capital projects could lead to lack of job creation which could eventually plunge the country into poverty.

“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.

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," he said.

BS

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