BREAKING: Nigeria is not broke, says FG. See How

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President Muhammadu Buhari

Zainab Ahmed, the Minister of Finance, Budget, and National Planning for Nigeria, has stated that the country does not have a budget deficit.

She mentioned that the country is still transferring funds from the Federation Accounts Allocation Committee ( FAAC) to the three different levels of government.

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According to Ahmed, the sum of 5.04 trillion Nigerian nairas has been transferred from the federal government to the states since 2015.

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She gave a speech during the presentation of the scorecard for the administration of (2015-2023).

Due to the sheer destruction caused to the oil industry infrastructure, she believes that the non-oil sector is more important to ’s economy than the oil sector.

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In addition to this, the Minister stated that oil production is on the rise, emphasizing that as of October 2022, it had reached 1.4 million barrels per day.

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She stated that N1.7 trillion had been made available for the capital projects of this year as of September 2022.

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According to the minister, Nigeria has not in any way defaulted in the repayment of either it is domestic or foreign debts.

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She believes that will not seek debt relief at this time.

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