We Borrow To Pay Salaries – Federal Government
We Borrow To Pay Salaries – Federal Government
The acting accountant-general of the federation, Anamekwe Nwabuoku has said that the Nigerian government is borrowing to pay salaries.
The AGF revealed this on Tuesday June 14 during a retreat organised by the office of the AGF for members of the technical sub-committee on cash management (TSCM) in Abuja.
He stated that the insecurity in the nation and the needs of the citizens had led to an increase in government expenditures.
He said: “We have to borrow to augment payment of salaries and wages. This shows we are in very difficult times. Government income is highly challenged.
“The theme and objective of the retreat couldn’t have been better captioned, given the fiscal challenges at the moment. Records available indicate that due to dwindling revenues, the treasury had to resort to other sources to augment the payment of federal government public servants.
“There is an increase in government expenditure due to increasing security challenges and social needs of the citizenry.
“Now that these challenges stare us in the face, you are all expected at this gathering to come out with ideas that will push us through.
“Therefore, we must all, at this retreat, strive towards identifying the challenges to revenue generation and other means of enhancing inflow into federal government cash box; ensuring the cutting down the cost of governance in the most acceptable way and ensuring synergy amongst and within stakeholders in the sub-committee.”