Chris Ngige, the minister of Labour and Employment has revealed that Nigeria is currently broke.
Ngige made this revelation while at the 2022 World Day Against Child Labour revealed that the country is currently broke.
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 Federation Account Allocation Committee, FAAC, 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”.
