JUST IN: Nigeria Is Not Broke
Zainab Ahmed, Minister of Finance, Budget, and National Planning, has said that Nigeria is not bankrupt.
She stated that the Federation Accounts Allocation Committee continues to distribute monies to the three levels of government (FAAC).
According to Ahmed, the Federal Government has distributed N5.04 trillion to state governments since 2015.
She spoke at the presentation of the scorecard for President Muhammadu Buhari’s administration (2015-2023).
Because of oil infrastructure vandalism, she believes the non-oil sector drives the nation’s economy more than the oil sector.
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.
According to her, the country is not opting for debt relief.
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