CBN Says FG To Stop Payment of Workers Salaries By October if...

The Central Bank of Nigeria, CBN governor, Mr. Godwin Emefiele yesterday appeared on the floor of the Senate to explain to the lawmakers the state of the economy. 

In his presentation, he painted a gloomy picture of the economy saying that the Federal Government may not be able pay salaries from October should the challenges facing the nation continue.

According to Vanguard report, Emefiele told the Senators that it was strange and frightening for the Nigerian economy to be experiencing stagnation and inflation at the same time. He explained that ordinarily, both were not supposed to happen simultaneously.

A source was reported to hsve said that Mr. Emefiele expressed concern that the economy was gloomy, stagnant and worsening as a result.

According to the source, Emefiele noted that the economy was biting on all, with almost all activities crippled, he also that the indices that would have made the economy grow were not in place at this moment.

The CBN governor attributed the problem of the economy to the renew bombing of oil facilities in the Niger Delta by Niger Delta Avengers, NDA and a sharp decline in the price of oil in the international market.


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