As Nigeria’s economic situation worsens, the federal government has completely ruled out the option of giving bailout funds to banks in other to avoid job cuts and retrenchment of workers, the Punch reports.

Banks had begun retrenching some of its workers in other to save itself from the growing economic difficulties.

Reacting to the spate of retrenchment, the Minister of Labour and Employment, Senator Chris Ngige, had issued a directive asking banks to stop sacking workers.

According to Punch’s report, a senior government official, who spoke on the condition of anonymity, said that government cannot provide bailout for banks as other sectors of the economy are also experiencing difficulty.

The official noted that if banks are given bailout, other sectors of the economy will start requesting for bailout.

He further said government does not have enough money to funds its own operation hence bailing out any sector with public funds will affect the struggling economy.

“We all know that this government is seriously looking for money to finance its operations.”

“So, can a government that is looking for money and that is also struggling to pay its workers’ salaries be able to provide a bailout for any sector? Where will such money come from? I can tell you that such is not currently feasible.”

Speaking on the development, the Special Adviser on Media to the Minister of Finance, Festus Akanbi, was quoted to have said, “As we speak now, there is no plan to provide bailout funds for the banks. We are not considering such an option currently.”