Acting AGF Reveals Shocking Information
According to Acting Accountant-General of the Federation Anamekwe Nwabuoku Nigeria is currently borrowing money to pay salaries, .
Nwabuoku stated this at a retreat organized by the AGF’s office for members of the technical sub-committee on cash management, TSCM, in Abuja on Tuesday.
He said the increase in government expenditure was due to rising security challenges and the citizenry’s social needs.
“We need to borrow to supplement salary and wage payments,” he said. This demonstrates that we are living in extremely difficult times. The government’s financial situation is precarious.
“Given the current financial challenges, the retreat’s theme and goal could not have been better stated.
“According to available records, the Treasury had to turn to other sources to supplement the payment of Federal Government public servants due to dwindling revenues.
“Government spending is increasing as a result of rising security challenges and citizenry social needs.”
To ensure revenue inflow, the acting AGF advised that deliberate efforts should be made to revert the trend through fiscal discipline, economic diversification, export sector promotion, and plugging revenue leakages, among other things.
“Now that these challenges are in front of us, you are all expected to come up with ideas that will help us overcome them.”
“As a result, we must all strive to identify the challenges to revenue generation and other means of increasing inflow into the federal government cash box at this retreat; ensuring the most acceptable cost of governance; and ensuring synergy among and within stakeholders in the sub-committee.”
Further, the acting AGF praised Zainab Ahmed, the Minister of Finance, Budget, and National Planning, for her unwavering support in enhancing members’ capabilities.
Sabo Mohammed, the OAGF’s Director of Funds, said that a stronger fiscal discipline required the government to avoid excessive borrowing.
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“It justifies avoiding debt accumulation and excessive borrowing.”
Discussions at this forum are expected to help members and stakeholders improve their capacities by familiarizing them with Nigeria’s fiscal challenges and advancing recovery strategies that will enable effective management and avoid fiscal deficits.”
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