President Buhari, VP Osinbajo and Nigeria’s state governors: States will certainly need fresh bailout with worsening cash crunch

Nigeria’s cash crisis is not getting better: it’s getting worse by the day. This is official.

While the total revenue shared by all the tiers of government in August was N422.6billion, revenue fell to 389.9 billion in September, a reduction of N52.6 billion.

The Permanent Secretary, Ministry of Finance, Mrs Anastasia Nwaobia,  gave the revenue picture on Wednesday after the meeting of the Federation Accounts Allocation Committee (FAAC) . She said government is worried by the cash crunch.

” I think we are worried about it. If we say we are not worried about it we will be lying”, Mrs Nwaobia said.

The consolation however was that the problem was not peculiar to Nigeria.

“However, it is not an issue that is restricted to this country. Almost all economies of the world are facing difficulties. It is how you manage your situation that matters.

Godwin Emefiele,( m) in black suit, with L-R, Ifeanyi Okowa of Delta, Ibikunle Amosun of Ogun, Abiola Ajimobi of Oyo and Kashim Shettima of Borno. Photo :Sesco Photgraphy

“Government is aware of these challenges and reforms are being undertaken and the impact of these reforms don’t come as quickly as we expect but with time they will begin to manifest.

“We are looking at the mining sector and agriculture to see the impact of various inputs that have been put into the sector. We are indeed worried but we are working it out and we will soon begin to see results,” she said.

Of the N389.9 billion earned in September, she said that the shared amount comprised the month’s net statutory revenue of N321.9 billion.

“Also, there is the exchange gain of N5.2 billion which is proposed for distribution.

“Therefore the total revenue distributable for the month of August including VAT of N56.3 billion, is N389.9 billion,” she said.