Earlier this week, Nigeria’s Finance Minister, Ngozi Okonjo-Iweala, revealed the Nigerian government had already used over half of the amount set aside for borrowing in its 2015 budget, to pay salaries and overheads of its workers.
Nigeria is dependent on crude oil for most of its revenues meaning the country’s finances have been hit by a slump in crude oil prices since last June. Although prices have inched up slightly since then to around $65 for now, they are nowhere near the $100-plus mark it averaged for the 3 years previously.
This all means paying workers, rather than dealing with security problems or fighting corruption, will move swiftly near the top of incoming president Muhammadu Buhari’s agenda when he takes office on May 29.
No comments:
Post a Comment