Did You Know Jonathan Borrowed to Pay Salaries of Workers When Oil Price was Above $50 in 2014? Read This!

Forum 8 years ago

Did You Know Jonathan Borrowed to Pay Salaries of Workers When Oil Price was Above $50 in 2014? Read This!

In the face of dwindling oil revenues, Minister of Finance, Ngozi Okonjo-Iweala, said the Federal Government has borrowed about N473billion to pay salaries and fund the 2015 budget, according to Premium Times report two years ago.

The Minister, who was speaking in Abuja on the details of the N4.493trillion appropriation already passed by the National Assembly, said the federal government had to raise its borrowing level from N570 billion to N882 billion to enable it meet its financial obligations to workers and contractors.

The minister blamed it on the decline in oil revenue in late 2014, which accounted for 50 per cent cut in the total federally collectible revenue as well as the low revenue receipts from non-oil sources.

There have been several attacks of the person of President Muhammadu Buhari and his Economic team with Kemi Adeosun as the Minister of Finance and coordinating minster of the economy.

Oil price per barrel between Febuary and April 2015 hovered between 54 to 57 dollars per barrel.

It is interesting to know that at this price, Jonathan and the 'mother of our economy' were already borrowing to pay salaries and meet up obligations to contractors.