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.