Flashback: Buhari Administration Printed N60 Billion For March 2021 Federal Allocation – Obaseki

Flashback: Buhari Administration Printed N60 Billion For March 2021 Federal Allocation – Obaseki

Governor Godwin Obaseki of Edo State has alleged that the Muhammadu Buhari-led government printed an additional N60 billion as part of the federal allocation for March 2021…..READ ALSO Obaseki’s Political Blitz: Meet Paschal Ugbome, The Imminent Deputy Gov, As Shaibu Faces Political Oblivion

This revelation was made by the governor during the Edo State Transition Committee Stakeholders’ Engagement held on April 10, 2021.

Obaseki expressed concerns about Nigeria’s financial situation, citing a worrisome rise in the country’s debt profile and the unsustainable dependence on crude oil.

He emphasized that the economy has undergone significant changes, pointing out the continuous borrowing without a clear plan for repayment. Obaseki highlighted the need for a fundamental shift in Nigeria’s economic approach, particularly in revenue generation and expenditure management.

“The economy of Nigeria is not the same again, whether we like it or not. Since the civil war, we have been managing, saving money is not our problem as long as we are pumping crude oil every day,” he remarked.

The governor also criticized the current system where government revenue is primarily derived from oil proceeds, advocating for a more sustainable taxation system like in other countries.

He warned about the looming financial crisis if Nigeria fails to diversify its revenue sources and address the structural flaws in its economic framework.

“The current price of crude oil is only a mirage… So, in another year or so, where will we find this money that we go to share in Abuja?” Obaseki questioned, highlighting the urgent need for economic reforms to avert a financial catastrophe.