Home My Town & I Nigeria In Big Financial Mess, Says Gov. Obaseki

Nigeria In Big Financial Mess, Says Gov. Obaseki


…Alleges FG Printed N60bn In March

Edo State Governor, Godwin Obaseki, said Nigeria is in crisis with the economy in dire strait. The governor also alleged that the dwindling revenue profile forced the Federal Government to print N60billion in March to augment its revenue to be shared by the three tiers of government.

Obaseki spoke in Benin, the Edo State capital, at the state transition committee stakeholders’ engagement.

According to him, with huge debt profile and heavy reliance on crude oil, Nigeria is in serious crisis economically.

The governor also noted that Nigerians have not been paying attention to the serious crisis the country is facing, but are rather concentrating their energy on the 2023 permutations.

He said: “At the end of the month, we all went to Abuja, we collect money and come back and we spend.  I am an economist, I am an investment banker; we are in trouble, huge financial trouble.

“First, what we used to rely on, crude oil, forget what you are seeing now at 60, 70 dollars a barrel. It is only a mirage. It is only a question of time because the major oil companies, Shell, Chevron, they are the ones producing. “They are no longer investing as much in oil and Chevron is now one of the world’s largest investors in alternative fuel. Shell is pulling out of Nigeria.

“So, in another year or so, where will we find this money that we go to Abuja to share every month. Last month, the Federal Government printed an additional N50 to N60 billion to top up for us to share. We say remove subsidy, they said no.

“This April, this week again, we will go to Abuja, we will share. At the end of this year, our total borrowings is going to be in excess of N15 to N16 trillion and my worry is, we will wake up one day and like Argentina, the naira will be one thousand, two thousands to the dollar.

“We are just borrowing without any means of how to pay back.

“And nobody is looking at that. Everybody is looking at 2023. Everybody is blaming Mr. President as if he is a magician. So that change in the world economy, which is now affecting Nigeria is going to be one of the major factors that will affect our politics going forward whether we like it or not.”






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