FG Borrows N600 Billion Monthly to Augment Salaries

David Babachir Lawal, Secretary to the Government of the Federation, says the Federal government borrows an average of N600 billion every month to supplement payment of salaries of workers.

Lawal said this while talking at the opening ceremony of the 63rd General Church Council (GCC) of Evangelical Church Winning All (ECWA) held at ECWA headquarters in Jos yesterday April 12, 2016.

"The federal government borrows an average of N600 billion monthly and Federal Government gets N130 billion, and sometimes if it is lucky, it gets N200 billion from Federation allocation, and we have an expenditure profile of roughly N800 billion to N900 billion. Naturally, you need to augment sources from everywhere and from wherever you can find it. I’m talking about local borrowings, not international. There are ways and means to raise the money, because the monies coming from the Federal allocation is not enough and the figures is not fixed; it varies from month to month, depending on what enters into the treasury and our own share of it federation account, just like the states. You remember Osun state got N55million in a month from the federal allocation and the state has a salary bill of over N4 billion in a month”he said