Abuja - The Minister of Information and Culture, Lai Mohammed, the country is in dire straits and lacks enough funds to meet its obligations, Thisday reports.
The minister stated this in Abuja while explaining the decision of the federal government to increase the pump price of fuel.
He said that the policy was not aimed at removing subsidy but to free funds to help the government meet its other financial obligations.
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The minister, who briefed State House correspondents after the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari, called on Nigerians to bear with the government.
He added that Nigeria’s foreign earnings had drastically waned in the recent times that the only way out of the financial quagmire was to look inwards to generate more money according to Vanguard.
He said: “The current problem is not really about subsidy removal. It is about that Nigeria is broke. Pure and simple!
- News 24