The Federal Government has raised the alarm that Nigeria is broke and her economy shrinking. .
The Minister of Information and Culture, Lai Mohammed, said this on Wednesday while fielding questions on the new fuel pricing regime shortly after the Federal Executive Council (FEC) meeting chaired by President Muhammadu Buhari.
The minister said the hike in the price of petroleum from N86.50 to N145 "is not about subsidy removal. It is about the fact that Nigeria is broke. Simple!...The economy is shrinking."
He also restated the government's complaint that there was no foreign exchange to import fuel.