Despite the rising cost of living which has pushed majority of Nigerians into multidimensional poverty, the Federal government has declared that Nigeria is not broke.
The Minister of Finance, Budget, and National Planning, Dr. Zainab Ahmed made this known at a news conference in Abuja as she unveiled the administration’s scorecard in the sector from 2015 to date.
She noted that the country continues to disburse funds to the three tiers of government from the Federation Accounts Allocation Committee (FAAC).
Ahmed said the Federal Government has since 2015 disbursed N5.04 trillion to state governments.
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The Minister, however, admitted that Nigeria only has some revenue challenges to meet its obligations.
According to her, the non-oil sector drives the nation’s economy than the oil sector owing to vandalism of the oil infrastructure.
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 at September 2022.
Ahmed, nonetheless said Nigeria has not in anyway defaulted in both domestic and foreign debt repayments.
