Home Breaking News Obaseki claims Nigerian’s financial woes more worrisome, as FG prints additional N60B for states in March

Obaseki claims Nigerian’s financial woes more worrisome, as FG prints additional N60B for states in March

by Nwani Chisom
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Oyogist.com has learned that the Governor of Edo State, Godwin Obaseki, has claimed that Nigeria is in huge financial trouble.

Obaseki said this while reacting to the report of FG printing N60 billion as part of federal allocation for March.

An overview by the National Bureau of Statistics (NBS), shows that Nigeria’s total public debt stock as of the third quarter of 2020 (Q3 2020) rose by N6.01 trillion within a year.

Gov. Obaseki said;

“Nigeria has changed. The economy of Nigeria is not the same again whether we like it or not. Since the civil war, we have been managing, saying money is not our problem as long as we are pumping crude oil everyday,” he said.

“So we have run a very strange economy and strange presidential system where the local, state and federal government, at the end of the month, go and earn salary. We are the only country in the world that does that.

“Everywhere else, government rely on the people to produce taxes and that is what they use to run the local government, state and the federation.“But with the way we run Nigeria, the country can go to sleep. At the end of the month, we just go to Abuja, collect money and we come back to spend. We are in trouble, huge financial trouble.“The current price of crude oil is only a mirage. The major oil companies who are the ones producing are no longer investing much in oil. Shell is pulling out of Nigeria and Chevron is now one of the world’s largest investors in alternative fuel, so in another year or so, where will we find this money that we go to share in Abuja?”

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