Audio By Carbonatix
Nigeria's treasury is "virtually empty", President Muhammadu Buhari has said.
His government had inherited millions of dollars worth of debt from the previous administration, he said at a media briefing.
"It is such a disgrace for Nigeria," Mr Buhari added.
The president and his All Progressives Congress won elections in March, ending some 16 years of rule by the Peoples Democratic Party.
He was sworn in less than four weeks ago, taking over from Goodluck Jonathan, who had been in office since 2010.
Mr Buhari said some government workers had not been paid for months.
He was due to meet state governors to discuss the crisis.
"This bad management we find ourselves in - we really need your help to protect us from people before they march on us," Mr Buhari told journalists.
The president appears to be trying to lower the expectations of voters, correspondents say.
He won the elections on a promise to tackle corruption, and to lead Nigeria to greater prosperity.
Nigeria is Africa's biggest oil producer, but most of its citizens are poor.
Latest Stories
-
Fire ravages shops at Kwame Nkrumah Circle as fighters battle to contain flames
1 hour -
Joy FM’s 90’s Jam is underway at Pleasant Gardens with massive crowds and retro vibes
2 hours -
Former MMDCEs appeal to President Mahama over delayed end-of-service benefits
3 hours -
TTAG raises alarm over delayed recruitment of trained teachers
3 hours -
Five critically injured after pickup truck rams into traders at Baah Yard
4 hours -
January 9 declared public holiday
4 hours -
GLICO General petitions Mahama over insurance industry concerns
5 hours -
2025/26 GPL: Safianu Usman’s missed penalty denies Hohoe United victory in Volta derby stalemate
5 hours -
MDF reiterates commitment to ensure sustainable dev’t in mining communities in 2026
5 hours -
Jospong Group partners Ghanaian scholars in diaspora to drive national development
6 hours -
Newsfile to discuss over $214m loss in Gold-for-Reserves and galamsey fight under Mahama
6 hours -
The Silence of the doer: Why strategic storytelling is the soul of governance
6 hours -
Police nabs 3 drug suspects in Tamale
6 hours -
The surprising benefits of a glass of orange juice
6 hours -
31 remanded over invasion of Apamprama Forest Reserve
6 hours