Thursday, 19 May 2016

Nigeria is broke. Pure and simple- Lai Mohammed

Minister of Information and Culture, Lai
Mohammed, says the removal of oil subsidy is
as a result of Nigeria's poor economic state.
According to Mohammed, Nigeria is broke.
Mohammed said this while speaking with State
House correspondents after the Federal
Executive Council meeting in Abuja yesterday
May 18th.
“The current problem is not really about
subsidy removal. It is about that Nigeria
is broke. Pure and simple! It is like
somebody who has been earning
N100,000 a month and he is faced with a
situation where his employer says
henceforth you will be earning N10,000 a
month. He would need to make some
very painful decisions and some very
painful adjustments. That is the situation
with Nigeria today. A few months ago,
we were earning as much as $100 for
every barrel of crude. We no longer have
the resources, the foreign exchange to
bring in refined fuel products. And our
economy is shrinking. We appreciate the
fact that the decision is going to affect
everybody. We appreciate what we are
going through, but Nigerians should also
know that the government has the
responsibility at times to take very
difficult decisions. So, it is not always
about popularity.”he said

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