Alhaji Lai Mohammed
News From MDA'STrending Story

Why FG is cash-strapped, by Information Minister

676

 

 

 

The novel coronavirus (COVID-19) has attacked all Nigeria’s revenue sources, leaving the Federal Government cash-strapped, the Minister of Information and Culture, Alhaji Lai Mohammed, said on Wednesday.

 

“We are all witnessing what is going on in the world today. When the budget was passed in December last year, we all celebrated that the budget was passed for the first time in a good time to allow for us to plan. We were very hopeful that this year we will be able to achieve a lot.

 

“I remember that the benchmark for crude oil was $57 but from nowhere today we have COVID-19, which has brought every economy in the world to its knees. Nigeria cannot be an exception.

 

“As a matter of fact, we are praying that the crude will go to $30 per barrel. All sources of revenue have been attacked by COVID-19, when we locked our borders how will goods come in? How will Customs make money for the country?’’ he said while reacting to reporters’ questions on complaints of paucity of funds by ministries, departments and agencies to execute their projects.

 

The minister pointed out: “Abuja, Lagos and Ogun have been on lockdown for more than four weeks. It was only yesterday that we were easing the lockdown. How will they make money to pay taxes? So if we say there is no money it is not because we are seeking for lame excuses.

“The entire world, not just Nigeria is facing serious fiscal challenges. Forty million people in the US today have filed for unemployment; the aviation industry alone has lost about $1 trillion.

 

“So please look at this in context, if you budgeted for $57 a barrel and we sold at $18 a barrel two weeks ago. This is why the Minister of Finance at the last Federal Executive Council meeting informed all of us that they will slash every ministry’s budget by 20 percent capital and 16 percent overhead.’’

 

Mohammed retorted: “So where will the money come from? So when we complain there is no money, it is genuine.’’

 

On COVID-19, the minister said the health crisis had caused the country a fortune, saying “If you know what is being spent on COVID-19 alone and what it is costing the whole world, you will be able to appreciate this better.”

Leave a comment

Related Articles

Japan, Nigeria Collaborate on Port Efficiency, Renewable Energy

The Nigerian Ports Authority (NPA) has taken a significant step towards improving...

CBN Reschedules Monetary Policy Committee Meeting for February 18-19

The Central Bank of Nigeria (CBN) has announced a new date for...

NPA Announces 15% Port Tariff Increase, First in 32 Years

The Federal Government, through the Nigerian Ports Authority (NPA), has announced a...

Agge Deep Seaport Project: Bayelsa Set to Become Major Transport Hub, says Oyetola

A high-powered team from the Federal Ministry of Marine and Blue Economy...

Nigerian Ports Authority Introduces New Protocols for Truck Access to Ports

The Nigerian Ports Authority (NPA) has introduced significant changes to its truck...

NPA, NLNG collaborate to boost Nigeria’s export capabilities

In a bold move to boost Nigeria’s export sector, the Nigerian Ports...

Nigeria’s Economy Soars as Customs Records N196.94trn Trade Value in 2024

The Nigeria Customs Service (NCS) has achieved a remarkable milestone, recording a...

Nigeria Customs Service Generates ₦6.1trn in Revenue for 2024, Exceeds Target by 22%

The Nigeria Customs Service (NCS) has announced a remarkable achievement in revenue...

Domestic Crude Oil Sale Initiative: Tinubu’s Strategic Move Pays Off

President Bola Tinubu’s directive to sell crude oil and refined products in...

NAFDAC to bakers: Use bromate, saccharine to produce bread and risk shutdown

Worried by the health implications of some additives in bread production, the...

Dantsoho at Onne Port, urges terminal operators to scale up investments in port infrastructure

Dr. Abubakar Dantsoho, the Managing Director/CEO of the Nigerian Port Authority (NPA),...

NPA’s CEO Dantsoho Urges Increased Investment in Nigerian Ports, Assures Terminal Operators of Support

The Managing Director of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho,...

NPA’s CEO Dantsoho Makes History as First Nigerian Chairman of PMAWCA

In a groundbreaking achievement, Dr. Abubakar Dantsoho, Managing Director of the Nigerian...

Just in: Senate confirms Omolola Oloworaran as DG PENCOM

The Senate on Thursday confirmed the nomination of Omolola Oloworaran for appointment...

NPA warns public against fake procurement contracts on social media

The Nigerian Ports Authority (NPA) has alerted the public to the activities...

Nigeria Customs Service Exceeds 2024 Revenue Target, Rakes in N5.7trn

The Nigeria Customs Service (NCS) has announced a remarkable revenue generation of...

Tinubu, Abiodun, Sanwo-Olu, others extol Pastor Tunde Bakare at 70

Pastor Tunde Bakare, the founder of Citadel Global Community Church, is a...

NPA set to link export processing terminals with domestic export warehouses

The Nigerian Ports Authority (NPA) has unveiled plans to connect Export Processing...

NAGAFF Taps NPA MD, Dr. Abubakar Dantsoho, as Keynote Speaker for Silver Jubilee Anniversary

The National Association of Government Approved Freight Forwarders (NAGAFF) has announced Dr....

NPA MD Repositions Agency, Appoints New Managers, Redeploys General Managers

The Nigerian Ports Authority (NPA) has announced new appointments and redeployments of...