Nigeria is technically bankrupt- Godwin Obaseki

The Edo State Governor, Godwin Obaseki, has described Nigeria as technically bankrupt.

Nigeria is technically bankrupt. And I mean it. When you are bankrupt anywhere in the world, like in the United States, you file for what they call Chapter Eleven. You restructure your affairs so that you can reorganise and meet your obligations. Nigeria is not restructuring in that sense; it still behaves as if it had money like it used to.

“It (Nigeria) has been in trouble for a while. I won’t say insolvent, but technically so, in the sense that we don’t have enough to cover our expenditure, we are not reducing our expenditure, and we are not earning more.”

Unless you create a new design that allows the individual states to take advantage of the economic opportunities they have, stressing the assets of this country and paying what they need to pay to the central government, the federal government cannot sit and try to micromanage the country and its assets. It has shown that it cannot. It doesn’t have the capacity to do so,” he said.

The problem with Nigeria today is structural. The structure we have is expired; it’s outdated. We need a new structure to run the economy of the state. If it doesn’t happen, we are not going anywhere,” Obaseki stated.

 

 

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