Governor Obaseki of Edo state has said that Nigeria could go the way if Argentina if something is not done now to reposition the economy of Nigeria.

He went further to state that the federal government had to print 50-60 billion naira last month and shared to the states to top up on their allocation.


https://www.youtube.com/watch?v=IobDyrT_UrQ

Obaseki: How Lack Of Funds Forced FG To Print N60bn For States To Share

Governor Godwin Obaseki of Edo State has said Nigeria is in a huge financial trouble.

Speaking at a programme in the state on Thursday, the governor said the federal allocation for March was insufficient, forcing the Federal Government to print between N50 billion and N60 billion for states to share.

"When we got FAAC for March, the federal government printed additional N50-N60 billion to top-up for us to share."

“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 said.

Lamenting the overdependence on crude oil, Obaseki said the rising debt profile is worrisome.

He said oil companies are shutting down in the country, challenging the government to come up with other means of revenue generation.

“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.

“So we have run a very strange economy and strange presidential system where the local, state and federal government, at the end of the month, go and earn salary. We are the only country in the world that does that.

“Everywhere else, government rely on the people to produce taxes and that is what they use to run the local government, state and the federation.

“But with the way we run Nigeria, the country can go to sleep. At the end of the month, we just go to Abuja, collect money and we come back to spend. We are in trouble, huge financial trouble.

“The current price of crude oil is only a mirage. The major oil companies who are the ones producing are no longer investing much in oil. Shell is pulling out of Nigeria and Chevron is now one of the world’s largest investors in alternative fuel, so in another year or so, where will we find this money that we go to share in Abuja?” he asked.

https://dailytrust.com/obaseki-how-lack-of-funds-forced-fg-to-print-n60bn-for-states-to-share

It is Götterdãmerung playing out before our eyes. The  unprecedented greed of politicians and impotence of a compromised legislative/judiciary have brought us to this sorry pass. Because of their looting we all have to go down!

Buhari is running Nigeria like Idi Amin ..They are now printing empty fiat currencies just so they can loot but they still don't know the implications of this .....chei there is no hope for this economy again .. Zimbabwe and somalia will be a joke by 4th qtr

where is my share na

Most Nigerians don't know what's going on...THIS COUNTRY HAS NO MORE MONEY. They have borrowed last 4yrs to fund the budget mostly recurrent expenditures and now, realizing that they can no longer borrow and no global bank will lend them since the country is heavily collateralized that they have now resulted to illegal money printing to survive.

I can't wait for the money to dry up, that's when Nigerians will know truly what regions can survive without federal allocations.

They couldn't borrow again.

So it's now printing.

More devaluation.
Inflation tripling

When more than half of naija money is used to run Niger govt and economy and her likes.

More grease to their elbows for further printing.

If you print more money against a stagnant or recessing GDP, it only gives people a false sense of wealth thereby causing inflation. Govt of witchcraft economics. Their own idea of delivering good governance is that of making some people suffer more to make others greatful and happier. Sort of like a lecturer denying some people their grades to make other look super intelligent.

Lol..funny people

If 1+1 is equal to 2 then what is the square root of buhari
like for Disaster A+
Share for Disaster

oluwazt:
Most Nigerians don't know what's going on...THIS COUNTRY HAS NO MORE MONEY. They have borrowed last 4yrs to fund the budget mostly recurrent expenditures and now, realizing that they can no longer borrow and no global bank will lend them since the country is heavily collateralized that they have now resulted to illegal money printing to survive.

I can't wait for the money to dry up, that's when Nigerians will know truly what regions can survive without federal allocations.

In the biblical Egypt when money failed, it was due to draught. Ours is due to greed inspired mismanagement. We have water, rain, fertile land, good whether, crude for energy and many thing going but our money is failing or rather faileth like biblical Egypt. What an error.

I think the best thing that can happen to any Nigerian now is to start saving their money in US dollars. Buhari and his minions have ruined what's left of this shithole. That oldie has been singing diversification since 2015, yet they are still looking for crude oil in the north with Nigeria's hard-earned money.

Economically, Nigeria is in deep crisis, but we don't know. Like Obaseke pointed out, people are more interested in 2023 than surviving this year.
If the dullard continues to print money, the inflation that will hit this country will be unprecedented. After 6 years in office, I have yet to pick out far-reaching reforms that Buhari and Osinbajo implemented.

Railway is not Nigeria's immediate problem; fix our electricity so that people can empower themselves and production companies will incur less cost. If we continue to import, we will keep putting pressure on the US dollars and naira may hit $1/1k before the end of the year. I cannot blame our leaders alone though, I blame daft people who keep them in power just to have their people in government.

Una neva even see anything

No wonder inflation is spiking.

Things have truly gotten out of hand in this country.

Lol, the bastards in government now print money to share as a way of maintaining balance of payments

By the time these bastards are done with Nigeria, we will be using buckets and wheelbarrows filled with naira to buy bread

Northerners have destroyed Nigeria but because Yorubas want to remain as VP or get one of their empty corrupt politician loyal to Northern politicians to become next president have remained silent.



Posterity will judge Igbos well because they have been talking, shouting, screaming on top of their voices while other Nigerians watched and laughed. Nigeria is dying oh, Northerners are about to bury the remains of dead Nigeria.



Just imagine what these wicked, incompetent corrupt Northern politicians are doing after looting Nigeria's Treasury yet they are always first to shout fight corruption

Buhari is the most useless president on planet earth. Honestly.

See I don't blame PMB as much as those person(s), people or groups of people, tribe and region that think that they are wise,sophisticated and political savvy that voted in this disaster, doing so out of sheer wickedness, hatred and tribalism.

Without them there is high chance that PMB would not have smell the presidency.

I hope and know that they are happy now, because they keep defending this man even here on nairaland in great numbers even going as far as thinking to elect those who were in the forefront in Buhari's campaigns and election in 2023.

How can a nation be sooo stupid

Instead of these people to fight corruption and reduce cost of governance, they are ready to run the country to the ground and create problems for the future.


The next administration should be prepared to round up these people and chase and recover their assets home and abroad to fund future expenses.

tempest01:
Instead of these people to fight corruption and reduce cost of governance, they are ready to run the country to the ground and create problems for the future.


The next administration should be prepared to round up these people and chase and recover their assets home and abroad to fund future expenses.

My brother forget corruption, poverty has pushed many to do desperate things.

Buhari and his friends have stolen everything.

NNPC refinery have been making losses in trillions. Northerners are using the Abacha theory.

No money...

No wonder mtn is increasing staff pay, they have so much money stuck in Nigeria and they want to cement staff Loyalty by increasing their pay

And then he takes time to excuse buhari from Nigeria economic doom. Who else is in charge apart from bihari?

CodeTemplar:
In the biblical Egypt when money failed, it was due to draught. Ours is due to greed inspired mismanagement. We have water, rain, fertile land, good whether, crude for energy and many thing going but out money is failing or rather faileth like biblical Egypt. What an error.

This is what happens when Pharoah that deceived the masses and religious leaders is on the throne.

If we talk now, dem go ban us, or monitor our line...



But hmmmmmmm



There is fire on the mountain

The huge question is what happened to anti corruption?

No wonder the inflation is so high.

Too much money pursuing fewer goods.

afroedo:
where is my share na

.... E dey throway for ground now ! People dey rush pick dem share ?

What do we expect from late buhari's fulani terrorist regime? Make $1=N1? All they care about is their devilish agenda.
Every policy of this regime is anchored on fulani ethnic supremacy. Even their economic decisions are heavily rooted on fulanization. They don't mind if the whole country burns to the ground as long as their fulanization agenda is assured.

Lets vote a young person to power. These greedy old politicians are outdated and had no clue about what is going on around them anymore.. That is the only way this country can move forward... If you ask me i will say anyone above 50 years of age shouldn't be vote to power

My own is that I just hope that Buhari will be the last Fulani to rule this unfortunate country!
His failure in government is cultural.. , it's a product of his warped base mindset.
Nomatter what happens, going forward, a hundred year moratorium should be placed on the Fulanis from every aspect of modern governance in the country! They actually need folks from other? They actually need folks from other forward looking parts of the country to govern them for a while, because let's face it, there are no success stories after all these years they have dominated governance in the country.

jubilee55f:
Buhari is the most useless president on planet earth. Honestly.

An illiterate like late buhari can spend N90 billion to print N60 billion, just like when he wasted N16 billion to go after Tompolo's N3 billion. Not to mention the $250 million Abacha loot his bloody regime claimed was shared to the poor, only to go and borrow $250 million to fund a power project.
Late buhari's regime is not only the most useless on earth, it's the most useless regime in the history of human civilization.

SarkinYarki:
Buhari is running Nigeria like Idi Amin ..They are now printing empty fiat currencies just so they can loot but they still don't know the implications of this .....chei there is no hope for this economy again .. Zimbabwe and somalia will be a joke by 4th qtr

What we're seeing is nothing but the LAW OF ECONOMIC DIMINISHING RETURN OF NIGERIA AS A FAILED STATE.
Nigeria as a country has expired! The only way out is disintegration.
Through disintegration, our new independent republics will fashion out economies that are based on our respective comperative advantages.