The critical situation of indebtedness of most states in Nigeria has become a growing concern to most Nigerians. This is coming after States were unable to pay the salaries of their workers for more than 9 months in some cases.

Against the backdrop of this horrific trend, the former Governor of Anambra State, Peter Obi has revealed that they were all warned about saving for the rainy day, or in other words the Governors were advised to eschew fiscal irresponsibility which was a bane to economic development.

In an interview with journalists, Obi gave clarifications on the recent bail out approved for States from the Nigeria Liquefied Natural Gas Company, NLNG dividends by President Muhammadu Buhari and the rationale behind the creation of the Excess Crude Account, ECA, as well as the Sovereign Wealth Fund, SWF.

He also revealed that during his tenure as a Governor the former Finance Minister, Dr Ngozi Okonjo Iweala was persistent in advancing for the cause of saving for the rainy day.

“I have read newspaper reports that it is ironic that she spoke of a rainy day when it was already pouring.
“I personally remain indebted to her because it was from her persistent preaching on the need to save in the Sovereign National Wealth Fund that made me incorporate savings in foreign currency that is why one third of the money we left on leaving office was in foreign currency, $156 million(N25 billion at that time).

“With interest now it would be about $170 million and with the current rate it is almost N40 billion.”

Civil servants in the country especially in Osun State have been owed salaries for up to eight months by the Rauf Aregbesola led Government, which has led to untold hardship.

Aregbesola had disclosed that his hands were tied, adding that there was nothing he could do since the banks had decided to stop lending him funds. Read more here: http://www.post-nigeria.com/bailout-we-were-warned-about-rainy-days-peter-obi/

hmmmmm

God bless you Sir..may you live long

When its comes to money management I doff my hat for igbos!
Chukwuma ma neigbour comes to mind...wear one polo go abt his business but buys two big plot land at different places

No wonder CBN Governors are always igbo!

Ok