A Development Economist, Ikenna Nwosu, has asked the Nigerian Government to employ expert that will advise them and its cabinet when faced with debt.
He described the inability of States Governments in Nigeria to pay workers’ salaries as ‘complicated uncertainty’.
Speaking on Sunrise Daily on Channels Television, Mr Nwosu noted that all tiers of government are broke including the Federal, State, Local, Legislative and Judiciary.
The Economic expert recalled that the former Minister of Finance, Dr Ngozi Okonjo-Iweala, had called on the State Governors to save their Excess Crude Account (ECA) for the rainy day.
He said the Governors ignored the advice, requesting that the money be shared that they had projects to execute.
Mr Nwosu said the former Minister of Finance then instructed Banks not to grant loans to State Governments without the Federal Government’s clearance.
He emphasised that the Excess Crude Oil Fund of $20bn was $2.45bn as at the end of 2014.
The Development Economist further stressed that the industrial action of unpaid workers in a number of states is currently affecting public utility, infrastructure development, social development and some other developments in the state.
However, the All Progressives Congress (APC) said it would hit the ground running when it comes into power.
Mr Nwosu noted that for a number of complex reasons, they have not setup their cabinet after the 8th National Assembly had commenced.
