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FG printed N60bn to share in March, says Obaseki

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FG printed N60bn to share in March, says Obaseki

FG printed N60bn to share in March, says Obaseki

Edo State Governor, Godwin Obaseki, has asserted Nigeria is in “huge economic trouble” with the way the economy is driven, aso Naija reports

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, expanding that the Federal Government printed N60bn as part of federal allocation for March.

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Reciting 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 reliance on crude oil that was no longer sustainable.

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

“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 proceeded to borrow despite unclear means of reimbursement.

CREDIT: THE PUNCH

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