The Federal Government says contrary
to widespread reports, Nigeria is not broke but currently experiencing cash-flow
challenges.
Accountant-General of the
Federation, Jonah Otunla and the Director-General of Budget Office, Bright
Okogwu, stated this while answering questions from members of the Senate and
House of Representatives Joint Committee on Appropriation and Finance.
They explained that unlike certain
countries with similar experience which had started borrowing monies to pay
salaries of their workers, Nigeria was yet to do that.
Mr Okogwu said the country was still
financially buoyant and had been meeting all its obligations, adding that the
economy of the country was normal but for “inadequate funds in circulation.”
The officers were testifying at a Joint Committee
meeting to consider the 2012-2014 Medium Term Expenditure Framework, for the
2014 budget.
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