Economy crisis: FG raises alarm, reveals frightening state of economy

– The Nigerian federal government has raised the alarm that Nigeria’s economy is shrinking

– The minister of information and culture said the hike in the price of petroleum is about the fact that Nigeria is broke

The Nigerian federal government has raised an alarm that the country is broke and her economy shrinking, Daily Trust reports.

Alhaji Lai Mohammed, the minister of information and culture, disclosed this on Wednesday, May 18, while answering questions on the new fuel pricing regime shortly after the Federal Executive Council (FEC) meeting chaired by President Muhammadu Buhari.

The minister said the hike in the price of petroleum from N86.50 to N145 “is not about subsidy removal. It is about the fact that Nigeria is broke. Simple!…The economy is shrinking.”

He also restated the government’s complaint that there was no foreign exchange to import fuel.

READ ALSO: Buhari presides over FEC meeting (photos)

The FEC Meeting took place at the statehouse, Abuja, despite ongoing protest across the country over the increase in the pump price of petrol.

In another development, the founder and president of the Oodua People’s Congress (OPC) and national chairman of the Unity Party of Nigeria (UPN) Dr Frederick Fasehun said since President Muhammadu Buhari and the All People’s Congress (APC) took over power, Nigeria has witnessed unprecedented change.

Speaking at a press conference in Lagos on Tuesday, May 17, Fasehun said since the coming of Buhari’s administration, the country has degenerated

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