FG Printed N60 Billion To Share In March - Governor Obaseki Reveals - Uju Ayalogu's Blog for News, Reviews, Articles and More

Breaking News

Post Top Ad

Sunday 11 April 2021

FG Printed N60 Billion To Share In March - Governor Obaseki Reveals

Godwin Obaseki

Godwin Obaseki

Godwin Obaseki, the Governor of Edo State, has said Nigeria is in “huge financial trouble” with the way the economy is run.

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

Speaking 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 dependence 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 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.’’


Are you an artiste? Do you want your music to go viral and reach a large number of audience? Promote your music and Submit your story on UjuAyalogusBlog.com by clicking here. For Advert Inquiries Tel: +44 (0)7590 363 984.

For More, Subscribe To: Uju Ayalogu's Blog via Email.

Subscribe to Our Posts via Email


Share This

No comments:

Post a Comment

Listen to This Beautiful New Talent - Winter Wolf - Singing "Midnight"


Post Bottom Ad

Pages