Nigeria Is Not Broke, We Are Just Saving Excess Funds For Future Generations – Senator

Senator Ahmed Maccido
Senator Ahmed Maccido

Senator Ahmed Maccido, representing Sokoto Central senatorial district in the National Assembly on Thursday dismissed reports saying Nigeria is broke.

Maccido described as baseless, reports that the Nigerian economy was bankrupt, maintaining that the nation’s economy was on the path of growth, while funds were being kept in the Excess Crude Account (ECA) and Sovereign Wealth Fund (SWF) for future generation.

The Chairman of the Senate Committee on Appropriation however noted that the Subsidy Reinvestment Empowerment Programme (SURE-P) of the federal government was not working well, despite being a good idea, adding that if the programme was streamlined and made effective, many Nigerians would be taken out of poverty.

“As far as I am concerned, Nigeria is not bankrupt and I know we have a source of revenue or funds that comes in every month. Of course, there are liabilities, but I am sure our liabilities are not more than our revenue.

“There is always that situation where we have to balance our accounts. Moreover, I know that we have excess funds that is always being saved and kept for the rainy. We have Excess Crude Account and the Sovereign Wealth Fund that runs into billions of dollars.

“So, I cannot see anybody coming to tell me that Nigeria is broke. Of course, the Nigerian economy is bouyant and is going in the right direction but what we need to do is to look at the real economy itself where the masses will have food on their table,”Maccido said.

The Senator also expressed concern at the level of insecurity plaguing the nation, stressing security was not the responsibility of one individual or a group, but the responsibility of all Nigerians.

“We have to join hands together to secure our country and I am appealing to people to cooperate with security agents to enable them do their work because those that are plaguing us with this insecurity are among us.

“Therefore if the community can get involved fully, I think if people are vigilant and support the security agencies, we will overcome the current challenges plaguing the country,” Maccido added.


  1. saving 4 which future generation?when the present generation dies out of poverty i wonder hu will den be d “future generation”.you claim to save excesses…how can there be an excess when the money has not gone round?…abeg find beta lie to tell