Nigerian President Denies Oil Savings Account to Be Depleted
This article is for subscribers only.
Nigerian President Muhammadu Buhari denied that the oil savings account will be depleted to pay government debts, including civil servants’ salaries.
The government will use a $2.1 billion dividend paid into the Treasury by Nigeria LNG Ltd., Africa’s biggest producer of liquefied natural gas, to pay wages, Buhari’s spokesman, Femi Adesina, said Tuesday in an e-mailed statement from the capital, Abuja. Nigeria’s 36 states and local arms of the government will also be able to draw “soft loans” from the central bank and have some debt restructured, he said.