There has been fears that the country may be broke due to the dwindling revenue caused by the falling crude oil prices and decrease in output. The Minister of Finance, Dr. Ngozi Okonjo-Iweala has however assured Nigerians at a press conference in Abuja on Monday that the nation is not broke.
“I want to assure Nigerians that we are putting in place contingency plans so that our economy remains stable. Right now, we have fluctuations in the price of crude oil and when that happens, it means that the money that comes into the coffers is a little bit small. Does that mean that the country is broke? If we are not able to pay salaries to people or meet other obligations then we can say the country is broke but we have not got there. Nigeria is not broke”, she said.
According to her, the falling oil prices and reduction in production makes the diversification of the economy more crucial.
Read the report by Emma Ujah on Vanguard Newspaper