Weeks ago, Mr Chukwuyere Anamekwe, the acting AGF in a submission regretted the deplorable state of Nigerian finance and general economy.
Anamekwe stated that, “we have to borrow to augment payment of salaries and wages. This shows we are in very difficult times. Government income is highly challenged,” Nwabuoku had said.
The federal government was unsettled and embittered by his comments and decided to boot him out of office. The issues of borrowing to pay wages is now a norm and has lasted for years.
In early 2015, when the price of crude oil dramatically crashed, the Jonathan’s Govt borrowed to pay two months wages and salaries.
However, as the economy then was managed by real experts, they introduced some fiscal policies – tax increase on luxury and non-household expensive commodities and cutting back Govt spending to close the hole.
The reckless spending Buhari’s government do not have the right people to sort out the present problem, not minding the windfall from oil sales as a result of the Russia and Ukraine war. – @chidi2chidi
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