Nigeria has been looted silly. Africa’s ‘largest’ economy is broke to the bone. Minister of the Economy, Ngozi Okonjo-Iweala Tuesday said:
“In January we had a deficit in terms of the money we had and the expenditure we had to carry out. So we had to borrow to add to what we had. In February, it was the same.
“In March, we were able to have more internally generated revenue that enabled us to offset but in April, we had to borrow to cover up some gap. This is how we have been managing the economy on a month-by-month basis.”
Okonjo-Iweala said the Federal Government had already utilised more than half of the budgetary provisions for borrowing in the year, in the first four months to pay salaries and provide funds for overheads.
Govt borrows N473bn to meet up with recurrent expenditure
She said: “Of the N882 billon budgetary provision for borrowing, the government has borrowed N473 billion to meet up with recurrent expenditure, including salaries and overheads. No capital release so far.