Despite continuous denial at the highest level, the Nigerian economy may after all be experiencing some hard times.
Two top government officials that are in the know admitted to the Senate on Tuesday that the economy is cash-strapped though they claimed the country is not broke.
The Accountant General of the Federation, Jonah Ogunniyi Otunla, and the director General of Budget Office, Dr. Bright Okogwu, told a Joint sitting of the Senate and House of Representatives Committee on Appropriation and Finance this much.
The Joint committee was considering the 2012-2014 Medium Term Expenditure Framework earlier forwarded to the National Assembly by President Goodluck Jonathan ahead of the presentation of the 2014 budget on November 12.
Senator Ahmed Makarfi, the Chairman of the Joint Committee, had asked the officials, including the representative of the Central Bank Governor, about the state of Nigerian economy.
“Nigeria is not broke but it is currently having cash flow problems,” Otunla said.
Okogwu also corroborated this, saying: “Nigeria is not broke.
“We may have cash flow problem.
“But countries like Greece and Spain are broke.
“They are now approaching their international neighbours for bailout but Nigeria has not done that and we are no where near that situation at all.”
On her part, the Central Bank Deputy Governor, Maria Alade, evaded the question, saying Otunla and Okogwu had responded correctly.
However, Alade added: “As bankers of the Federal Government, it is not our duty to tell the nation whether she is broke or not but we can tell her the amount she has in accounts at anytime but since the AGF and the DG Budget have clearly declared that Nigeria is not broke, we in CBN also believe so.”
The opposition party had raised the alarm several times that the economy is in bad shape.
But, the Coordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, has continued to defend the economy that it is strong and not collapsing.
Trending
- Police foil attack in Katsina, neutralise suspected bandit
- US vetoes Palestine’s request for full UN membership
- Your vote will make peace almost impossible, Israel tells Security Council
- Iran media reports air defences shoot at flying objects over Isfahan
- Kenya’s armed forces chief killed in helicopter crash
- Troops repel IPOB/ESN terrorists attack in Okija, neutralise several fighters
- Bandit leader seeks peace in new video after military attacks
- 2024 UTME: Parents obey JAMB order to steer clear CBT centres