The Edo State Governor, Godwin Obaseki, has been trending all morning since after his speech about Nigeria being in a “huge financial trouble” with the way the economical situation of the country is currently set up. 
Gov Obaseki damned the country’s over-reliance on oil which he said is currently in a state of mirage and that the biggest investors in the oil sector are currently pulling out and re-investing their money in alternative fuel options, as they leave Nigeria hanging out for the dead.
READ ALSO: Nigeria Is In Huge Financial Trouble – Obaseki Says As He Reveals FG Printed N60bn To Share In March
He also said at the moment Governors and other sectors of the government need to start thinking of how to make money for the country from other ways and rely less going to Abuja every month to receive a federal allocation.
Obaseki then made a chilling revelation saying just last month the FG had to print over N60bn so as to be able to top off part of the federal allocation for March. Also noting that the country’s debt profile might rise as high as N21trillion before the year runs out.
READ ALSO: “Shell Is Pulling Out Of Nigeria And Chevron Is Investing In Alternative Fuel, Where Will Nigeria Find Money In 2 Years” – Obaseki Laments
“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 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 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.’
Watch video why Governor Obaseki is trending;
PLEASE: Leave dirty politics & understand what Gov. Obaseki is saying
1. Buhari is not a magician
2. Our revenue from oil is expiring
3. Diversification must be intensified
4. Oil subsidy is unsustainable
5. OTHERWISE: One day Governors will go to Abuja & meet empty treasury pic.twitter.com/7Y1hCVSoRh— Jack Obinyan (Mr Jack) ?? (@JackObinyan) April 11, 2021
Photo Credit: Getty
