Minister of Labour and Employment, Chris Ngige has revealed that Nigeria is broke.
He stated this while speaking at the 2022 World Day Against Child Labour on Thursday in Abuja.
According to him, the Federal Government does not have money to prosecute capital projects next year, a development that might worsen unemployment and poverty.
He added that Nigeria spent billions on social programs to fight against poverty.
He said, “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.
“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 implications on the capacity to create jobs. If jobs are not created, poverty will increase in the country,” he said.