Obaseki: How Lack Of Funds Forced FG To Print N60bn For States To Share
Governor Godwin Obaseki of Edo State has said Nigeria is in a huge financial trouble. Speaking at a programme in the state on Thursday

Governor Godwin Obaseki of Edo State has said Nigeria is in a huge financial trouble.

Speaking at a programme in the state on Thursday, the governor said the federal allocation for March was insufficient, forcing the Federal Government to print between N50 billion and N60 billion for states to share.

When we got FAAC for March, the federal government printed additional N50-N60 billion to top-up for us to share.

“This April, we will go to Abuja and share. By the end of this year, our total borrowings is going to be within N15-N16 trillion. Imagine a family that is just borrowing without any means 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,” he said.

Lamenting the overdependence on crude oil, Obaseki said the rising debt profile is worrisome.

He said oil companies are shutting down in the country, challenging the government to come up with other means of revenue generation.

“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.

“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?” he asked.

https://dailytrust.com/obaseki-how-lack-of-funds-forced-fg-to-print-n60bn-for-states-to-share

At least the debt will unite us as one Nigeria. Bubu for third term!

Hmmm. Nigeria is in for a huge trouble if the situation is not addressed with practical solutions. I mean practical and not the theory and analysis we are used to over the years.

Failing to cut your coat according to your size .. Instead of Oga Rabiu to look at other sectors and be a pioneer he would copying Alhaji up and down hereby endangering our economy if there is a shock in a particular sector... I think we should go and seek Pastor Adeboye's advice since he knows how to plan a church with 1km or less, may be he can teach us something on how to get our goods to the world market.... Like Moses Alhaji should do the needful.

By the time APC finish with Nigeria, everyone will beg British for another colonisation and America for another slave trade.

If Meffy will allow govt print fake empty money instead of advising them to cut cost of governance then he needs to resign

The illegal #50 stamp money they are collecting Nko?

Dey increased everything, introduced new levies and collections and still yet complain... Abeg let dem tell us how much dey used to print d billions dey printed

Fg used #70b to print #60b notes.

Okay nah.

Yes we're moving on the right track. A totally collapsed economy is the major ingredient for the birth of new independent Republics. As it was in the last days of USSR (1989), so shall it be in Nigeria (the devils conven).

Collapse Economy = Disintegration of Nigeria.

Nbotee:
Dey increased everything, introduced new levies and collections and still yet complain... Abeg let dem tell us how much dey used to print d billions dey printed

Who knows the fulani regime may have spend N90 billion to print N60 billion, just like when they wasted N16 billion to go after Tompolo's N3 billion. Not to mention the $250 million Abacha loot they claimed was shared to the poor, only to go and borrow $250 million to fund a power project.
Late buhari's regime is the most useless regime in the history of human civilization.

Greatest100:
Hmmm. Nigeria is in for a huge trouble if the situation is not addressed with practical solutions. I mean practical and not the theory and analysis we are used to over the years.

What we're seeing is nothing but the LAW OF ECONOMIC DIMINISHING RETURN OF NIGERIA AS A FAILED COUNTRY. The only way out is disintegration.
Through disintegration, our new independent republics will fashion our economies base on our respective comperative advantages.