Obaseki: Nigeria in Financial Woes, Printed N60bn to Augment March Federal Allocation

By AdvocateNews on 11/04/2021

Share on facebook Yahoo mail icon Gmail icon

Views: 511

Governor Godwin Obaseki
Governor Godwin Obaseki

Edo State Governor, Godwin Obaseki has raised the alarm over Nigeria’s financial trouble, particularly given the continued shrinking oil revenue, which made the federal government print about N60 billion to augment allocation shared to states in March. 

Besides, Obaseki, who spoke at a programme in Benin, revealed that, by December this year, the country’s total borrowing would be in excess of 15 to 16 trillion.

“In another year or so, where will we find this money that we go to Abuja to share every month? Last month, we got FAAC for March. The federal government printed an additional 50 to 60 billion to top-up for us to share,” he said.

The governor believed, very soon, there would be no crude oil revenue, accruing to the national treasury for spending, with the dwindling fortunes of oil.

Emphasising that despite the prices of crude at the international market, the current fortunes of crude is only a mirage and the Nigerian economy could no longer rely on oil revenue.

According to him, major oil producers like Shell and Chevron, which hitherto made huge financial commitment to oil production, are no longer investing as much, especially with Chevron was heavily investing in alternative fuel and Shell pulling out of Nigeria.

He, therefore asked, where will the federal government find the oil revenue to share monthly as federal allocation among the three tiers of government?

“We say remove subsidy, they say no. This April, next week again, we will go to Abuja and share. By the end of this year, the total borrowing is going to be in excess of 15 to 16 trillion.

“My worry is that we will wake up one day like Argentina, the naira will be 1,000, 2,000 and will be moving because we don’t have money coming in. You are just borrowing, borrowing and borrowing without any means or idea of how to pay back.”

Obaseki pointed that the change in the world economy which is now affecting Nigeria, would be the major factor that will affect the country’s economy going forward.

Source Thisday

Posted 11/04/2021 07:11:45 AM


Share on facebook Yahoo mail icon Gmail icon


You may also like...
Check your salvation if you are still afraid...

Nigeria Police seriously underfunded, IG Baba

Presidency bars ministers, other Kyari’s burial attendees from...

Another building collapse kills 23 in Ibadan

‎Gunmen abduct pastor during service, demand N10m ransom...

Kogi 2019: Senatorial candidates endorse Bello, step down...

Why DSS should quiz Pantami – PDP

Senate reintroduces bill to regulate social media —...

How to Pull Nigeria From The Brink

Post-Coronavirus, Africa’s Manufacturing Moment – By Muhammadu Buhari...

Presidential poll: APC files ‘evidence’ to prove Atiku...

INSECURITY: Declare state of emergency, convoke National Conference...


Latest News Nigeria Middle Belters defined ahead of restructuring plans Asaba Declaration: Southern govs resist Senate’s anti-restructuring stance Policeman gets N100,000 reward for returning accident victim’s N1.2m El-Rufai condoles families of victims of recent banditry attacks across five LGAs SEEDS OF DESTINY 16TH MAY, 2021 - VISION – REVIEW IT TO FULFIL IT Kano fire service confirms death of girl, 16, after falling into well Petroleum tanker accident claims 1 in Enugu ‘Yoruba Nation’: No election in South West until we get independence – Sunday Igboho Group launches another security outfit to protect Igbos, property Police arrest 16 suspects for alleged cultism in Enugu, recover arms Waterways Obstruction: ECTDA issues 30 days ultimatum to defaulting Enugu property owners Three feared dead as gunmen burn police station in Delta


Most Read I’ve no Coronavirus, govt wants to kill me – Anambra Index case (99,579 views) Fleeing ex-DG Imo Broadcasting Corporation who stabbed wife to death arrested (88,461 views) FG sends new directive to banks, schools as Buhari extends lockdown by four weeks (87,160 views) Ugwuanyi commends FG’s siting of ICT University in Enugu (87,159 views) Ebonyi bans embalming of corpses in homes (87,159 views) Ex-Heads of State will protect Jonathan from persecution —Kukah (87,159 views) Sickle cell support group seeks government intervention (87,157 views) Full Text of Governor Ifeanyi Ugwuanyi’s 2016 Budget Speech (86,987 views) HUSHPUPPI: CRIMINALS HAVE NO TRIBE. THEY SHAME ALL OF US... (85,454 views) ASUU strike: Senate intervention ends in deadlock (84,401 views) All you need to know about Peter Obi, PDP VP Candidate (69,683 views) DEMOCRACY DAY: President Muhammadu Buhari’s full speech (67,595 views)






There are no video entries posted yet.