Minister of Information, Alhaji Lai Mohammed has confirmed that Nigeria is broke. He spoke to State House correspondents at the end of the Federal Executive Council (FEC) meeting in Abuja.
He said this made the Federal Government took a painful decision by increasing the pump price of petrol.
The current problem is not about subsidy removal but a result of dwindling income. His words:
“The current problem is not really about subsidy removal. It is 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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