Politics
Cash crunch: FG borrows N600bn monthly to augment salary payment
The Secretary to the Government of the Federation (SGF), Mr David Babachir Lawal, has revealed, that the federal government in efforts to meet its salary obligations borrows an average of N600 billion every month to augment payment of workers’ salaries
Lawal made the revelation on Tuesday, while speaking at the opening ceremony of the 63rd General Church Council (GCC) of Evangelical Church Winning All (ECWA) held at ECWA headquarters in Jos.
The SGF who represented President Muhammadu Buhari at the event, said that “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.
Read also: Alleged N400m fraud: Metuh’s witness indicts Jonathan
“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”, he said.
According to him, the current administration inherited a country that had been seriously robbed, leaving an ailing economy that must be nurtured and endured for some time before it stabilises.
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