The organizer of #RevolutionNow has continuously argued that corruption and poor governance by Nigerian authorities have resulted in citizen impoverishment.
Omoyele Sowore, the presidential candidate of the African Action Congress (AAC) for the general election of 2023, has bemoaned the situation of the Nigerian economy’s decline and the ensuing rise in poverty.
The organizer of #RevolutionNow has continuously argued that corruption and poor governance by Nigerian authorities have resulted in citizen impoverishment.
Sowore remarked on his Twitter account on Thursday that Nigeria is insolvent while the Central Bank of Nigeria (CBN) has been bankrupted as a result of increases in diesel prices across the country. He was commenting on the state of the Nigerian economy and the position of the CBN.
“Nigeria is broke, the Central Bank is merely printing naira and now the cost of buying diesel to power the mint has bankrupted the mint as well! We Can’t Continue Like This,” he wrote.
According to recently disclosed data from the Federal Ministry of Finance, Budget, and National Planning, Nigeria’s debt servicing costs in the first four months of 2022 exceeded the country’s revenue, using N1.94 trillion between January and April as opposed to N1.63 trillion in retained revenue.
When explaining the figures, Nigeria’s Minister of Finance, Budget, and National Planning, Zainab Ahmed, stated: “Our debt service to overall revenue is high because we have a very large expenditure base.”
Chris Ngige, the minister of labor and employment, stated in July of this year that Nigeria was in such financial trouble that it would not be able to finance capital projects after 2023. The Academic Staff Union of Universities (ASUU), which has been negotiating with the university lecturers on strike, told the Labour Minister, “I can tell you that Nigeria is broke. To fund capital projects for the following year, there is no money. As you can see, the dollar has risen above N700 from its previous level of N500 to N600. There isn’t any money anyplace, in actuality.
The organizer of #RevolutionNow has continuously argued that corruption and poor governance by Nigerian authorities have resulted in citizen impoverishment.
Omoyele Sowore, the presidential candidate of the African Action Congress (AAC) for the general election of 2023, has bemoaned the situation of the Nigerian economy’s decline and the ensuing rise in poverty.
The organizer of #RevolutionNow has continuously argued that corruption and poor governance by Nigerian authorities have resulted in citizen impoverishment.
Sowore remarked on his Twitter account on Thursday that Nigeria is insolvent while the Central Bank of Nigeria (CBN) has been bankrupted as a result of increases in diesel prices across the country. He was commenting on the state of the Nigerian economy and the position of the CBN.
“Nigeria is broke, the Central Bank is merely printing naira and now the cost of buying diesel to power the mint has bankrupted the mint as well! We Can’t Continue Like This,” he wrote.
According to recently disclosed data from the Federal Ministry of Finance, Budget, and National Planning, Nigeria’s debt servicing costs in the first four months of 2022 exceeded the country’s revenue, using N1.94 trillion between January and April as opposed to N1.63 trillion in retained revenue.
When explaining the figures, Nigeria’s Minister of Finance, Budget, and National Planning, Zainab Ahmed, stated: “Our debt service to overall revenue is high because we have a very large expenditure base.”
Chris Ngige, the minister of labor and employment, stated in July of this year that Nigeria was in such financial trouble that it would not be able to finance capital projects after 2023. The Academic Staff Union of Universities (ASUU), which has been negotiating with the university lecturers on strike, told the Labour Minister, “I can tell you that Nigeria is broke. To fund capital projects for the following year, there is no money. As you can see, the dollar has risen above N700 from its previous level of N500 to N600. There isn’t any money anyplace, in actuality.
