According to the acting accountant-general, "we borrow to pay salaries."
Nigeria is borrowing money to pay salaries, according to the acting accountant-general of the Federation (AGF), Anamekwe Nwabuoku.
Nwabuoku made the remarks at a retreat organized by the AGF's office for members of the technical sub-committee on cash management (TSCM) in Abuja on Tuesday, June 24.
He added that government spending is increasing as a result of escalating security problems and citizenry social requirements.
"To supplement salary and wage payments, we must borrow. This demonstrates that we are living in really tough times. The government's revenue is in serious jeopardy "According to Nwabuoku.
"Given the current financial constraints, the retreat's topic and goal could not have been better stated. According to accessible records, the Treasury has to turn to alternative sources to supplement the payment of federal government public officials due to diminishing earnings.
"Government spending is expanding as a result of rising security problems and citizenry social requirements."
To assure revenue inflow, Nwabuoku said deliberate measures should be made to correct the trend through fiscal discipline, economic diversification, export sector promotion, and reducing tax leakages, among other things.
He said, " "Now that these issues are in front of us, you are all required to come up with ideas that will help us overcome them.
"As a result, we must all seek to identify the barriers to income production and other means of increasing inflow into the federal government cash box at this retreat; guaranteeing the most acceptable cost of governance; and establishing synergy among and within stakeholders in the sub-committee."