The crash in the price of crude oil over the world has continued to have its effect on the nation's economy just as the Federal Government said over N473 billion, out of N882 billion budgetary borrowing limit, has already been borrowed to make up for the deficit arising from the 50 per cent revenue loss from global oil crisis, barely four months into 2015 fiscal year.

The Coordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, while giving the breakdown of the budget, yesterday in Abuja said part of the borrowed funds were for salaries and overheads. The minister who claimed to have been honest wih the Nigerian populace since the commencement of the current economic problems, said the problem might likely remain till the end of the year. Okonjo-Iweala also said it is false that provision was not made for fuel subsidy in the 2015 budget.


PS: This article is a summarized version of the original news

Source: http://thesummary.com.ng/index.php/business/item/699-we-have-borrowed-n473bn-to-pay-salaries-overheads-okonjo-iweala