Secretary to the Government of the Federation, David Babachir Lawal, says the Federal government borrows an average of N600 billion every month to augment payment of salaries of workers.
Lawal said this while speaking at the opening ceremony of the 63rd General Church Council (GCC) of Evangelical Church of West Africa (ECWA) held at ECWA headquarters in Jos yesterday April 12.
“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 are not fixed; it varies from month to month, depending on what enters into the treasury and our own share of the 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.