Nigeria Is Broke, Can’t Fund Capital Projects In 2023 – Ngige

Nigeria Is Broke, Can’t Fund Capital Projects In 2023 - Ngige
Dr. Chris Ngige
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Nigeria’s Minister of Labour and Employment, Dr. Chris Ngige has claimed that the country is bankrupt at the moment noting that even the funds for capital projects in 2023 will be a major challenge. 

Addressing a media briefing, on Thursday in Abuja, to mark the 2022 World Day Against Child Labour, the minister stated that the Federal Government does not have money to prosecute capital projects next year, a development which might worsen unemployment and poverty.

He equally told students of federal universities that negotiating separately with members of the striking Academic Staff Union of Universities (ASUU) would not resolve the problems rocking tertiary education in the country.

Ngige explained: ‘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 N500 and N600 is now above N700. 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.

Read Also: Why Ngige Was Asked To Quit ASUU Negotiation Team –Presidency

He continued; ‘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 implication on capacity to create jobs. If jobs are not created, poverty will increase in the country.’

Providing updates on the industrial crisis in the federal universities, the minister hinted that negotiations are ongoing between ASUU and the Ministry of Education.

However, he cautioned that negotiating with ASUU without simultaneously negotiating with NASU, SSANU and NAAT would not lead to reopening of the universities.

Africa Daily News, New York

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