President Muhammadu Buhari admitted in India today ( Friday, October 30, 2015) that Nigeria is broke.
The President of Africa’s biggest economy in a short interview broadcast on Channels TV and conducted by its State House correspondent confirmed everyone’s fear when asked about the neglect of infrastructure. He bluntly stated that paying salaries by the federal government is so tough that not much else can be done.
He further mentioned that 27 of the 36 states had to be bailed out so they could pay salaries.
Buhari said Nigeria was morally and economically vandalised.
Watchers have painted a gloomy picture of the economy which was battered by previous regimes mindlessly.
Compared to this time last year, a barrel of crude oil was over $100 (now less than $50), dollar at the black market was N169 (now about N226), inflation was about 8% (now 9.4%).
But recovery is around the corner, analysts assured once we plug loopholes and do all the right things.