Regardless of the Incessant rise in the cost of living in Nigeria which has unavoidably pushed majority of Nigerians into multidimensional poverty the Federal government has insisted that Nigeria is not broke.
The Minister of Finance, Budget, and National Planning, Dr. Zainab Ahmed made this disclosure at a news conference in Abuja to unveil the administration’s scorecard in the sector from 2015 to date.
Zainab stated that since 2015, N5.04 trillion has been disbursed by Federal Government to state governments,adding that the non-oil sector drives the nation’s economy than the oil sector owing to vandalism of the oil infrastructure.
The Minister also said that oil production is increasing, stressing that as at October 2022, it soared to 1.4million barrels per day.
She said N1.7trillion was released for this year’s capital projects as September 2022.
The minister said Nigeria has not in anyway defaulted in its both domestic and foreign debt repayments.
The Minister, who was flanked by her information counterpart, Alhaji Lai Mohammed, however, admitted that Nigeria only has some revenue challenges to meet its obligations.
Source: Vanguard News
