Nigeria Must Borrow to Pay Workers’ Salaries and Wages in Tough Times – Acting Accountant General, Mr Chukwuyere Anamekwe
Mr Chukwuyere Anamekwe, the Acting Accountant-General of the Federation (AGF), has lamented Nigeria’s deteriorating economic fortune, claiming that the country must borrow to pay workers’ salaries and wages and finance the budget deficit.
According to report, Anamekwe stated that the country’s current economic status demonstrates that it is in the midst of a major financial catastrophe.
He said serious efforts must be made to revert the trend through fiscal discipline, economic diversification, boosting export, and plugging revenue leakages, among other things, at a retreat organized by the Office of the Accountant-General of the Federation on Tuesday for members of the Technical Sub-committee On Cash Management (TSCM).
According to SaharaReporter
With the theme : “Enthroning fiscal discipline in Nigeria’s public Financial management: A Clarion Call to Stakeholders,” the acting AGF lamented that insecurity across the country has increased the government expenditure.
He said, “We have to borrow to augment payment of salaries and wages. This shows we are in very difficult times. Government income is highly challenged.
“The theme and objective of the retreat couldn’t have been better captioned, given the fiscal challenges at the moment. Records available indicate that due to dwindling revenues, the Treasury had to resort to other sources in order to augment the payment of Federal Government public servants!
“There is an increase in government expenditure due to increasing security challenges and social needs of the citizenry.”
He pointed out that the multitude of socio-economic difficulties necessitate a well-articulated budgetary discipline and mitigation strategy.
“Now that these challenges stare us in the face, you are all expected at this gathering to come out with ideas that will push us through.
“Therefore, we must all, at this retreat strive towards identifying the challenges to revenue generation and other means of enhancing inflow into Federal Government coffers; ensuring the cutting down the cost of governance in the most acceptable way and ensuring synergy amongst and within stakeholders in the sub-committee,” he added.
Anamekwe also charged the sub-committee with ensuring that it provides the Federal Cash Management Committee with high-quality and profitable suggestions.
While praising Mrs Zainab Ahmed, Minister of Finance, Budget, and National Planning, for her unwavering support in approving them, he noted that the gesture has continued to aid in the development of members’ and stakeholders’ capacities, making them more knowledgeable about Nigeria’s fiscal challenges and other cash management-related issues.
He urged the attendees to ensure that the event aids in the advancement of the desired recovery strategies, as it has evolved into a valuable tool for sharing quality information and knowledge that keeps public servants up to date on public financial management reforms, fiscal challenges, and the evolution of effective and efficient cash management tools, among other things.