How Federal Government Printed 60 Billion Naira and Shared It To States Last Month — Obaseki

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How Federal Government Printed 60 Billion Naira and Shared It To States Last Month — Obaseki

 

Governor of Edo State, Godwin Obaseki, has stated that unless anything is done now to reposition Nigeria’s economy, the country will follow Argentina’s route.

He went on to say that last month, the federal government had to print 50-60 billion naira and distribute it to the states to supplement their allocation.

Obaseki: How the FG Was Forced To Print N60 Billion For States To Share Due To A Lack Of Funds

Nigeria, according to Edo State Governor Godwin Obaseki, is in serious financial trouble.

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The governor said the federal allocation for March was inadequate, forcing the federal government to print between N50 billion and N60 billion for states to share at a program in the state on Thursday.

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“When we got our FAAC for March, the federal government printed an extra N50-N60 billion to share with us.”

“In April, we’ll travel to Abuja to share. Our gross borrowings will be between N15 and N16 trillion by the end of the year. Imagine a family that is simply borrowing without the ability to repay, and no one is concerned about it; instead, everyone is focused on 2023, and everyone is accusing Mr. President as if he were a magician,” he said.

Obaseki expressed concern about the growing debt profile, lamenting the country’s overdependence on crude oil.

He claimed that oil companies are leaving the country, forcing the government to find new ways to generate revenue.

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“Nigeria is no longer the same. Whether we like it or not, Nigeria’s economy is no longer the same. We’ve been handling since the civil war, claiming that money isn’t a concern as long as we’re pumping crude oil every day.

“So we’ve had a weird economy and presidential structure where the local, state, and federal governments all go to work and get paid at the end of the month. We are the only nation on the planet to do so.

“Everywhere else, governments depend on citizens to generate revenue, which they use to operate local governments, states, and the federal government.

“However, the way we run Nigeria, the country is in danger of falling asleep. We simply go to Abuja at the end of the month to raise money and then return to spend it. We’re in a lot of financial trouble.

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“The current crude oil price is nothing more than a mirage. The major oil companies, which produce the majority of the oil, are no longer investing heavily in it. Shell is leaving Nigeria, and Chevron has become one of the world’s largest investors in alternative fuels, so where will we find the money to share in Abuja in a year or so?” he wondered.

Daily Trust

 

 

How Federal Government Printed 60 Billion Naira and Shared It To States Last Month — Obaseki

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