Nigeria is not broke, says FG

The Minister of Finance, Budget and National Planning, Zainab Ahmed has stated that Nigeria is not broke.

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.

She spoke at the presentation of President Muhammadu Buhari Administration scorecard (2015-2023).

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 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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