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Nigeria is currently broke, according to Dr. Chris Ngige, Minister of Labour and Employment.
During his speech at the 2022 World Day Against Child Labor, the Minister brought up this subject.
He claims that the Federal Government will be unable to fund capital projects for the coming year, which could exacerbate unemployment and poverty.
“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. The money that the FAAC (Federation Account Allocation Committee) has been sharing is money from taxes, customs and other revenue-generating agencies.
The National Nigerian Petroleum Company Limited (NNPC) no longer remits money to FAAC. So, the situation calls for patriotism from all Nigerians.
The lack of money to fund capital projects would have implications on the capacity to create jobs. If jobs are not created, poverty will increase in the country.”?he said.