In a sobering disclosure, Nigeria’s Minister of Budget and National Planning, Atiku Bagudu, has painted a grim financial picture of the Federal Government. Minister Bagudu revealed that the government is grappling with a severe revenue deficit, leaving it in a precarious position when it comes to fulfilling its financial obligations, including paying salaries to its employees. This revelation is unfolding against the backdrop of a surging population and a simultaneous rise in unemployment, further exacerbated by high inflation rates.
Addressing this critical issue in Abuja, Minister Atiku Bagudu made an impassioned appeal to non-governmental organizations, urging them to step forward and provide assistance in bridging the substantial gaps currently plaguing the government.
“The government is currently facing immense challenges, especially at this moment,” Minister Bagudu lamented. He went on to stress, “There is simply no money to be found anywhere in the country, and the government is barely managing to meet its salary obligations. The economic growth rate is sluggish, while the population is growing at an alarming rate. Unemployment is surging, and all this is transpiring amid rampant inflation.”
This candid admission by the Minister underscores the pressing need for financial intervention to secure the nation’s economic stability during these trying times.
Furthermore, in the midst of these financial challenges, reports have surfaced indicating that prominent Nigerian politician Asiwaju Bola Tinubu has approved a wage increase for all federal civil servants. This wage adjustment, amounting to N35,000, is set to take effect from September 1, 2023, as outlined in a memorandum from the Presidency, which was signed by Ekpo U. O. Nta, Chairman, and Chief Executive Officer of the National Salaries, Incomes, and Wages Commission.
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This move is expected to bring relief to federal employees who have been grappling with the escalating costs of living. The circular notifying this wage increase was distributed to various high-ranking government officials, including the Chief of Staff to the President, Ministers, and other key figures, and it is dated October 19, 2023.
Nigeria faces substantial economic challenges, characterized by a growing population and mounting unemployment rates. Minister Atiku Bagudu’s revelation highlights the urgent need for financial support and effective strategies to address these pressing issues and offer vital relief to the nation’s citizens.
Source: Daily Post Nigeria
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