FG Borrows N600 Billion Annually for Salaries – SGF

The federal government is borrowing an average of N600 billion annually to augment payment of workers’ salaries, the Secretary to the Government of the Federation David Lawal Babachir has said.

 FG Borrows N600 Billion Annually for Salaries - SGF
FG Borrows N600 Billion Annually for Salaries – SGF

He was speaking at the opening ceremony of the 63rd General Church Council (GCC) of Evangelical Church Winning All (ECWA) in Jos yesterday, where he represented President Muhammadu Buhari.

Babachir said “The 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 are 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 it from federation account, just like the states.”=

He said the states were likely going to have difficulties paying salaries in the next four months.

“Just like in 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,” the SGF said.

He urged all faith-based organizations and traditional institutions to sensitize the citizens on the need to exercise patience, saying Buhari administration had inherited an ailing economy which has to be nurtured for sometime before it stabilizes.

Earlier the ECWA president, Rev. Jeremiah Gado said all Christians were praying for Buhari to succeed.

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