Edo State Governor, Godwin Obaseki has expressed that Nigeria is facing a huge financial trouble.
Giving reason for his statement, Obaseki revealed that the federal government printed N60 billion as part of federal allocation for March.
“When we got FAAC for March, the federal government printed additional N50-N60 billion to top-up for us to share,” he said.
“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 made this known while speaking at the Edo state transition committee stakeholders engagement on Thursday.
The governor said the economy is no longer what it used to be.
Obaseki also stated that the rising debt profile is worrisome as dependence on crude oil is 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 everyday,” he said.