The Finance Minister and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala’s open admittance that the country is broke and that the Federal Government takes loan to pay workers’ salaries, clearly reflects the precarious state of the economy.
Reports that the federation account has depleted by 50% with APC Governors-Elect raising alarm that States can no longer pay workers’ salaries, except they get assistance from a Federal Government whose treasury is running dry, indeed spells doom for our economy, no thanks to 16 years of alleged misrule by the PDP and over-dependence on crude oil as the mainstay of Nigeria, despite being blessed with over 34 untapped solid minerals in commercial quantity.
Investigations reveal that many States and Local Government Councils owe months of workers’ salaries, while Kogi State has even proposed a 40% reduction in workers’ salary as a way forward of the biting reality.
There are also job losses, reduction of salary in oil service maintenance firms operating offshore, worsening power supply despite huge payment of electricity bills by consumers who most times rely on generators, long queues at gas ( petrol) stations as well as increase in goods and services.
The most frightening aspect to the present economic woes in the country is the near zero foreign investors’ interest. These factors are arguably responsible for the increase in crime, other social vices and the gale of impeachment as well as workers’ strike currently going-on across the country.
Copyright: Fresh Angle International (www.freshangleng.com)
ISSN 2354 - 4104
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