Finance Minister, Seth Terkper, has said the country is not broke at all, contrary to suggestions to that effect.
He said the fact that government is experiencing some liquidity challenges does not necessarily mean the nation has no money.
Speaking on Joy FM’s Super Morning Show Friday, the minister explained that the liquidity challenges have arisen due to the ballooning of the wage bill, paying contractors as well as buying more crude to support the energy sector, among other things.
He further explained that if a family that earns 3,000 and spends 2,500 now has to spend 300 more, could that family be said to be broke?
The minister, therefore noted, that the imbalances being experienced in the management of the economy should not be equated to “being broke”.
All we have to do, Mr Terkper insisted, is liquidity management.
On the issuance of the Eurobond, the Finance Minister stated that global interest rates are low now and that government, upon advice from some international experts, believes this is the right time to float it.
“We are optimistic the bond issue will be a success,” he asserted, “government is being very careful, we won’t be reckless” in issuing the bond.