Governor Godwin Obaseki from Edo has warned that there will soon be no crude oil revenues to spend in Nigeria, adding that the federal government must print an extra N60 billion to be distributed in March.
The governor made this statement on Wednesday during a meeting with the State Transitional Committee in Benin.
Mr. Obaseki noted the Nigerian economy could no longer rely on global oil prices because the main oil-producing companies now invest in the alternative sector, the news channel reported.
The governor further declared his concern for the government’s habitual loan system, he explained that at the end of the year that there would be additional N16 trillion debt which was owed by the Nigerian government.
He mentioned that the situation could cause collapse in the country’s economy and the value of Naira because there was no way to repay the loan loan.
“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.
“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.”
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