Nigeria is ‎Broke, Says FG

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Tobi Soniyi in Abuja

‎Information and Culture Minister, Lai Mohammed, has said that the decision to increase fuel price is not aimed at removing subsidy but has to be taken because the country does not have enough fund to meet its obligations.

The minister, who briefed State House correspondents after the completion of the Federal Executive Council meeting at which President Muhammadu Buhari presided‎, called on Nigerians to bear with the government.

Also at the briefing were the Attorney General of the Federation and Minister for Justice, Abubakar Malami, Minister of Power, Works and Housing‎, Babatunde Fashola, SAN, and Labour and Productivity Minister, Dr Chris Ngige.

He said:‎ “The current problem is not really about subsidy removal. It is about that Nigeria is broke. Pure and simple!

“It is like somebody who has been earning N100,000 a month and he is faced with a situation where his employer says henceforth you will be earning N10,000 a month.

“He would need to make some very painful decisions and some very painful adjustments. That is the situation with Nigeria today. A few months ago, we were earning as much as $100 for every barrel of crude. In the months of February and March, we were short of…so, we no longer have the resources, the foreign exchange to bring in refined fuel products. And our economy is shrinking.

“We appreciate the fact that the decision is going to affect everybody. We appreciate what we are going through, but Nigerians should also know that the government has the responsibility at times to take very difficult decisions. So, it is not always about popularity. “

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