Truly, the Nigerian economy is in bad shape and the government has just been deceiving us all along.
Goodluck Jonathan-led government has in the last four months borrowed no less than N473b to fund its recurrent expenditure due to dwindling sources, finance minister, Ngozi Okonjo-Iweala, has confessed.
Do you know the implication of this? Just days to hand over to Muhammadu Buhari, Jonathan has already exhausted over 53 per cent of borrowing limit in the 2015 budget within the last four months.
Speaking at the unveiling of the 2015 Appropriation Act passed by the National Assembly last week, the minister said, “Out of the N882 billon budgetary provision for borrowing, the government has borrowed N473billion to meet up with recurrent expenditure, including salaries and overheads.”
She said that things have been tough since the beginning of the year and they are likely to remain so till the end of the year.
But the same Okonjo-Iweala had told us that everything was ok with the economy before the election.
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