Edo State Governor, Godwin Obaseki, has said Nigeria is in “huge financial trouble” with the way the economy is run.
Obaseki lamented that Nigeria was the only country in the world where the federal, state, and local governments earn salaries at the end of the month, adding that the Federal Government printed N60bn as part of federal allocation for March.
Speaking at the state transition committee stakeholders’ engagement, the governor said the economy was no longer what it used to be, with a rising debt profile and dependence on crude oil that was no longer sustainable.
“Everywhere else, the government relies 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,” TheCable quoted him as saying on Thursday.
Obaseki, who described the current price of crude oil as only a mirage, lamented that the country had continued to borrow despite unclear means of repayment.
He added, “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?
“When we got FAAC for March, the Federal Government printed an additional N50-N60bn to top-up for us to share. This April, we will go to Abuja and share. By the end of this year, our total borrowing is going to be within N15trn to N16trn.’’
SUBSCRIBE TO OUR YOUTUBE CHANNEL
Presbyterian Church Honours Flo FM Boss With Outstanding Kingdom Builder Award
Seven Persons Dead As Indonesia Tourists Capsize In Boat While Taking Selfie
Insecurity: Buhari To Discuss Issue With Macron In France
After Destruction Of Its Office In Gaza, Al-Jazeera Says It’ll Not Be Silenced
Southern States Not Safe, Leave Now – Miyetti Allah Tells Members
FG Declares Wednesday, Thursday As Public Holidays
Police Suspend Escorts For Governors, VIPs In South East, Rivers
NBM Takes Education Scholarship To Delta, Edo
There Was An Attempt To Burgle Buhari’s Chief Of Staff’s Residence – Presidency
Gunmen Attack Bende Police Station In Abia, Raze Down Building (Photos, Video)
METRO21 hours ago
Restructuring: Southern Governors’ Resolution In Nigeria’s Interest — Okowa
WORLD19 hours ago
Gaza Tower Housing Al Jazeera Office Destroyed By Israeli Attack (Video)
METRO21 hours ago
Rivers No-Go Area For Open Grazing, Wike Vows
METRO20 hours ago
President Buhari Jets Out To Paris Sunday
POLITICS18 hours ago
Senator Kalu Reacts, Says “Abaribe Has No Reason To Incite IPOB Against Me”
CRIME18 hours ago
Aba Residents Scamper For Safety As Army, Police Engage In Fight
BREAKING NEWS19 hours ago
Ndidi, Iheanacho Make Records As Leicester Beat Chelsea To Win FA Cup
Religion20 hours ago
Thieves Steal Bronze Statue Of Jesus Worth £20,000 From Church Garden