Nigeria

Zainab Ahmed: Nigeria is not broke

Zainab Ahmed, Nigeria's Minister of Finance, Budget, and National Planning, has said that the country is not broke.

Zainab Ahmed, Nigeria’s Minister of Finance, Budget, and National Planning, has said that the country is not broke.

She said that the Federation Accounts Allocation Committee (FAAC) is still giving money to the three levels of government in the country.

Ahmed said that since 2015, the Federal Government has given N5.04 trillion to the states.

She spoke at the presentation of the scorecard for the administration of President Muhammadu Buhari (2015-2023).

She says that because of damage to the oil infrastructure, the non-oil sector drives the economy more than the oil sector.

The minister also said that oil production is going up, pointing out that by October 2022, it had reached 1.4 million barrels per day, which is a huge jump.

She said that as of September 2022, N1.7 trillion had been given to this year’s capital projects.

The minister said that Nigeria has not missed any payments on its domestic or international debt.

She says the country is not choosing to get out of debt.

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