President Mohammadu Buhari has said that the Federal Government, in order to pay the salaries of its workforce, borrows not less than N600 billion monthly.
The revelation was made by the Secretary to the Government of the Federation (SGF), Mr David Babachir Lawal, while speaking at the opening ceremony of the 63rd General Church Council (GCC) of Evangelical Church Winning All (ECWA) held at ECWA headquarters in Jos on Tuesday.
The SGF, who represented Buhari at the occasion said the money received monthly from the Federal allocation is not enough to cover the expenditure.
He said: “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.”