The nation’s economy is sound and in stable condition, the Minister of Information, Mr. Labaran Maku, declared in Abuja on Wednesday.
Maku made the declaration after the weekly meeting of the Federal Executive Council when he debunked insinuations making the rounds that the country was broke,
He said the country was not envisaging any form of economic crisis as the economy was growing at an appreciable level.
He attributed the inability of some Federal Government workers to receive their monthly salaries when due to the ongoing re-positioning of the Integrated Payroll and Personnel Information System (IPPIS).
“Presently we have no problem in terms of our finance management. There has been rumour here and there, especially because of delayed payments, because of the new electronic payment system being implemented by the Federal Ministry of Finance.
“There has been occasional delay in payment in some departments, but, that has nothing to do with the Nigerian financial position.
“Our economy is sound, our economy is growing, the fastest in the continent and we also know that our own external reserve has gone up to about 35 billion dollars now.’’
Maku also assured that government would continue to improve upon the nation’s external reserve through probity and prudent management of the economy.
The minister dismissed claims that the ongoing economic crises in some European countries like Greece, Italy and Spain would affect the Nigerian economy, saying that adequate measures had been put in place by government to check the eventuality.
Maku also told newsmen that the Council approved 11.4 million dollars and another N90.6 million for the overhaul and restoration of Plant Unit GT17 at the Ughelli Power Plc in Delta.
He said the power plant was identified as one of the gas turbines with the potential to deliver 100MW when fully overhauled.
According to him, the restoration of the plant unit will also enhance the capacity of Ughelli Power Plc. to support frequency control and back start in the event of a system collapse upon completion by September.
“The unit has currently recorded 45,000 equivalent operating hours which is far in excess of the requirement of 24,000 hours prescribed by the manufacturers, hence the need for major overhaul.’’