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We Borrow To Pay Salaries – Acting Accountant-general

He defined that there’s a rise in authorities expenditure because of rising safety challenges and the social wants of the citizenry.

The performing accountant-general of the federation (AGF) Anamekwe Nwabuoku, has disclosed that Nigeria is borrowing cash to pay wages.

Nwabuoku mentioned this on Tuesday, June 14, at a retreat organised by the workplace of the AGF for members of the technical sub-committee on money administration (TSCM) in Abuja.

He defined that there’s a rise in authorities expenditure because of rising safety challenges and the social wants of the citizenry.

“We have to borrow to augment payment of salaries and wages. This shows we are in very difficult times. Government income is highly challenged.” Nwabuoku mentioned.

“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.”

Nwabuoku mentioned there needs to be deliberate efforts to revert the development by way of fiscal self-discipline, financial diversification, export sector promotion and plunging income leakages, amongst others, to make sure income influx.

He added: “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.”

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