News

Nigeria is technically bankrupt — Obaseki

Published

1 week ago

September 20, 2024

admin

Edo state governor, Godwin Obaseki, says Nigeria is “technically bankrupt” and that the federal government can no longer put a band-aid on the economy.

Speaking in an interview with Channels Television on Thursday, Obaseki said the country still behaves like it has money.

The Edo governor said Nigeria must “restructure” to meet its financial obligations.

“Nigeria is technically bankrupt. When you’re bankrupt anywhere in the world like in the states (USA), you file for what we call chapter 11. You restructure your affairs so that you can reorganise and be able to meet obligations,” he said.

“Nigeria is not restructuring its affairs. It’s still behaving as if it has money like it used to. It’s been in trouble for a while. I won’t say insolvent, I will say technically we don’t have enough to cover our expenditures and we are not reducing our expenditures and we are not earning more.

“It’s total redesign. First the federal government does not have the capacity anymore to manage the economy on the way and scale it is doing today.

READ NDLEA intercepts explosives on way to bandits, Europe-bound Meth consignment

“We are producing 1.3 million barrels of oil because you are trying to do it centrally.

“We have 137 oil wells in Edo state, only 53 or less are producing except you create a new design where you have the component parts of this country take advantage of economic opportunities that they have and pay what they need to the federal government.”

The Edo governor said the federal government is “stuck in the past” by using same methods to solve the county’s challenges.

“This federal government is stuck in the past. You cannot resolve malignant problems using the same tools you have used through the years,” he added.

“It is not that the people there are not smart or stupid. It is just that they don’t have the courage to take some of the decisions that need to be taken.

“The problem of Nigeria today is structural. The structure has expired.”

READ 2023: MURIC identifies eight Yoruba Muslims ‘fit’ for presidency

Related Topics:BANKRUPTCY Godwin Obaseki Nigeria

Up Next

Nigeria, Russian firm sign MoU for completion of Ajaokuta plant

Don't Miss

Edo guber: IGP orders movement restrictions on roads, waterways

Click to comment

News

Tinubu’s planned cabinet reshuffle won’t make any difference, says Buba Galadima

Published

1 hour ago

September 28, 2024

admin

Buba Galadima, a chieftain of the New Nigeria Peoples Party (NNPP), says President Bola Tinubu‘s planned cabinet reshuffle would not make any difference.

On September 25, Bayo Onanuga, special adviser to the president on information and strategy, said Tinubu “has expressed his desire to reshuffle his cabinet and he will do it”.

Speaking on Politics Today, a programme on Channels TV on Friday, Galadima said reshuffling the cabinet would not curb food inflation.

Galadima claimed that the president intends to reward his cronies with the reshuffle.

“That (planned cabinet reshuffle) has nothing to do with me or any Nigerian. What is of importance to all of us is bringing down the harsh conditions of living and the buck stops only on the table of one man. That is President Bola Ahmed Tinubu,” Galadima said.

“No amount of reshuffling can make a difference. As far as that team is only ‘job for the boys,’ nothing will come out of it.

READ NDLEA intercepts explosives on way to bandits, Europe-bound Meth consignment

“Anybody that calls himself president or governor is responsible for their cabinet’s performance. He should be told that some of his appointees are more interested in their pockets than service delivery.

“I expected him to do better than this; and to hit the ground running.”

The NNPP chieftain asked Tinubu to find a solution to the country’s foreign exchange crisis “which has seen the naira performing abysmally”.

There have been growing calls from Nigerians and members of the All Progressives Congress (APC) for Tinubu to reshuffle his cabinet and remove underperforming ministers.

Tinubu’s policies have driven petrol prices to record highs and depreciated the naira to record lows since he assumed the reins on May 29, 2023.

News

Israel claims Hezbollah leader killed in Beirut strike

Published

2 hours ago

September 28, 2024

admin

The Israeli military announced early Saturday that Hezbollah chief Hassan Nasrallah was killed in a strike on Beirut.

“Hassan Nasrallah is dead,” military spokesman Lieutenant Colonel Nadav Shoshani announced on X. Military spokesman Captain David Avraham also confirmed to AFP that the Hezbollah chief had been “eliminated” following strikes Friday on the Lebanese capital.