Dr. Chris Ngige, the Minister of Labour and Employment has made a disclosure that Nigeria is currently broke and cannot fund capital projects.

Ngige made the statement in Abuja while addressing a media briefing at the 2022 World Day Against Child Labour.

The minister said that the National Nigerian Petroleum Company Limited (NNPC) no longer remits money to FAAC, and so the money that the Federation Account Allocation Committee (FAAC) has been sharing is money from taxes, customs and other revenue-generating agencies.

He therefore calls on Nigerians to be more patriotic, adding that the lack of money to fund capital projects would have implications on the capacity to create jobs.

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”

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