Dr Chris Ngige, the Minister of Labour and Employment, has come out to say that the country is broke and doesn’t have nay money to afford for 2023 budget. The Minister mentioned this while speaking at the 2022 World Day Against Child Labour.

 

The former Anambra state governor added that the Federal Government of Nigeria does not have money to prosecute capital projects next year. He addded that this development might worsen unemployment and poverty. In his words, the Minister of Labour and Employment said;

 

 

I can tell you that Nigeria is broke. There is no money to fund capital projects next year. As you can see, the dollar that has been hovering around ₦500 and ₦600 is now above ₦700.

 

The truth is that there is no money anywhere. The money that the FAAC (Federation Account Allocation Committee) has been sharing is money from taxes, customs and other revenue-generating agencies.

 

The National Nigerian Petroleum Company Limited (NNPC) no longer remits money to FAAC. So, the situation calls for patriotism from all Nigerians.

 

 

The lack of money to fund capital projects would have implications on the capacity to create jobs. If jobs are not created, poverty will increase in the country.”