Nigeria Borrows N600 billion Monthly to Pay Workers’ Salaries



"...the federal government borrows an average of N600 billion monthly; and Federal Government gets N130 billion, and sometimes if it is lucky, it gets N200 billion from Federation allocation." - SGF


Despite all attempts by All Progressive Congress (APC) apologetics and supporters to hide the scary nature of Nigeria’s economy under the President Muhammadu Buhari’s led administration, the Federal government who could no longer handle the pain lamented yesterday that Nigeria borrows an average of N600 billion every month just to augment payment of her workers’ salaries.

While speaking at the opening ceremony of the 63rd General Church Council (GCC) of Evangelical Church Winning All (ECWA) at the headquarters of ECWA in Jos, Plateau State, the representative of President Muhammadu Buhari, Mr David Babachir Lawal, the Secretary to the Government of the Federation (SGF) stated that his boss, President Buhari inherited a country that has been stripped of its moral values. He accused the previous administration of robbing Nigeria to the last coffer. However, he was of the opinion that over time, stability and healing will come to the ailing economy.

He said: “the federal government borrows an average of N600 billion monthly; and Federal Government gets N130 billion, and sometimes if it is lucky, it gets N200 billion from Federation allocation, and we have an expenditure profile of roughly N800 billion to N900 billion. Naturally, you need to augment sources from everywhere and from wherever you can find it.
“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 is not fixed; it varies from month to month, depending on what enters into the treasury and our own share of it federation account, just like the states.”

****************************************************************

While rumours from members of the governing party are flying around saying that the N600 billion being borrowed by the Federal government to augment payment of workers’ salaries is an annual thing and not monthly, they have also accused the media for misinterpreting Mr David Babachir Lawal.

Whatever might be the case, I think it’s awful for any government to borrow to pay her workers’ salaries. A good businessman borrows money for investment purposes, not salaries.

*** Nigerians, what’s your view on this? Share with us in the comment box. ***