According the Governor of the
Central Bank of Nigeria, Godwin Emefiele, the Nigerian economy is going through
really difficult times. This was made known by the Governor during a meeting
with the senate.
The Governor attributed the ailing
economy to several factors which include; the declining price of oil from about
$116 per barrel in June 2014 to about $30 per barrel earlier this year and the
recent acts of terrorism by the Niger Delta Avengers leading to the destruction
of oil facilities among others.
He further stated that at this rate
of recession of the economy, the Federal Government of Nigeria might not be
able to pay the salaries of its workers with effect from October this year and
Nigerians might be forced to pay general taxes which will not exclude petroleum
products in order to raise revenue.
The Senate however made a decision
to support the Apex Financial Institution on decisions made as regards the
implementation of policies (mainly monetary) which would help to elevate the
Nigerian Economy from its deplorable state.
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