Nigeria Is Broke, Says Lai Mohammed

Information and Culture Minister, Alhaji Lai Mohammed says Federal Government is financially broke.

Mohammed stated this while answering questions from the state house correspondents, at the end of the meeting of the federal executive council presided over by President Buhari.

The minister, who further said the economy was shrinking, said the new petrol price was introduced not because government wants to remove subsidy from the product.

He said the new petrol price was due to the acute shortage of foreign exchange required to import adequate volume of petrol.

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