Obaseki Declares Nigeria In Technical Bankruptcy Crisis

Obaseki Declares Nigeria In Technical Bankruptcy Crisis....KINDLY READ THE FULL STORY HERE▶

Edo State Governor Godwin Obaseki has declared Nigeria to be technically bankrupt, emphasizing the need for the Federal Government to restructure for progress. In a recent interview on Channels Television’s Politics Today, he criticized the government for being “stuck in the past,” highlighting that Nigeria lacks sufficient revenue to meet its expenses while government spending remains unchecked…….CONTINUE READING 

Obaseki explained that the country’s financial situation resembles that of a bankruptcy case in the United States, where a business files for Chapter Eleven to reorganize its affairs. He stated, “Nigeria is technically bankrupt. We don’t have enough to cover our expenditure, we’re not reducing our spending, and we’re not increasing our earnings.”

He criticized the Federal Government’s management of the economy, noting that its centralization stifles individual states’ ability to capitalize on their economic opportunities. With Nigeria producing only 1.3 million barrels of oil, he pointed out that many oil wells in Edo State are inactive, emphasizing the need for a new approach.

Obaseki argued that the current federal structure is outdated and inadequate for addressing the country’s economic challenges. He stated, “You cannot resolve a malignant problem using the same tools you’ve used over the years.” He called for courage in decision-making, insisting that a new structural framework is essential for the effective management of the economy. Without such changes, he warned, Nigeria will struggle to progress.

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