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Central Bank Printing Money For Broke Nigerian Government Now Bankrupt Too —Sowore

Sowore

The #RevolutionNow convener has consistently maintained that Nigerian leaders impoverished citizens with corruption and maladministration.

The African Action Congress (AAC) presidential candidate for the 2023 general election, Omoyele Sowore, has decried the deteriorating state of the Nigerian economy with the attendant worsening rate of poverty.

The #RevolutionNow convener has consistently maintained that Nigerian leaders impoverished citizens with corruption and maladministration.

Commenting on the current state of the Nigerian economy and the place of the Central Bank of Nigeria (CBN), Sowore on his Twitter handle on Thursday said Nigeria is broke while the CBN has been rendered bankrupt due to hikes in the price of diesel across the nation.

“Nigeria is broke, the Central Bank is merely printing naira and now the cost of buying diesel to power the mint has bankrupted the mint as well! We Can’t Continue Like This,” he wrote.

Recent data released by the Federal Ministry of Finance, Budget and National Planning, revealed that Nigeria's debt service cost in the first four months of 2022 was more than the country’s revenue, having gulped the sum of N1.94 trillion between January and April as against a retained revenue of N1.63 trillion. 

The Minister of Finance, Budget and National Planning, Zainab Ahmed, while explaining the data said the terrible state of Nigeria's economy is because “Our debt service to overall revenue is high because we have a very large expenditure base."

Similarly, the Minister of Labour and Employment, Chris Ngige, in July this year said Nigeria was so broke that it would not be able to fund 2023 capital projects. The Labour Minister who has been negotiating with the striking university lecturers, the Academic Staff Union of Universities (ASUU), 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."

 

 

 

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Finance