The Edo State chapter of the People’s Democratic Party on Friday took sides with Governor Godwin Obaseki’s claim over the country’s rising debt profile, saying Nigeria needs urgent intervention to remedy the financial problem.
Briefing journalists in Benin City, Tony Aziegbemi, state chairman of the party, said Obaseki’s claim was a wake-up call for all Nigerians to closely monitor the activities of the Federal Government in a bid to prompt them to play their roles effectively.
The state chairman said Obaseki only drew the attention of the Federal Government and Nigerians to the problems confronting the country, and for policymakers at all levels to think of ways the country can be navigated out of the financial problem.
Aziegbemi opined that the country can no longer depend on the fluctuating oil prices which has affected revenue, saying it was time to diversify the economy because oil is no longer viable.
Read Also: Edo 2020: Okowa congratulates victorious Team Delta
According to him, we can’t plan with the unstable and fluctuating monies we receive monthly and that is why we fund our project through deficit financing.
“The debt burden is around N32trillion and yet when the governor says they are printing money instead of conceding and putting on their thinking caps and try to figure out what to do to address the problem, the federal government are saying Obaseki is not telling the truth.
“Almost half of 2021 budget will be financed through deficit financing, and we don’t know the repayment plan. The Federal Government can not continue to put hope on oil.
“Nigeria economy is in dire need of surgical operation. We are sounding the alarm that we are in trouble. Debt servicing and revenue are becoming equal; we are borrowing more than we earn,” he said.
He urged Edo people to support the Obaseki-led administration in resetting the state.
While soliciting support for the governor, he noted that the state government has put measures in place to improve security and construct deplorable roads so as to be able to meet the state’s food needs.
Recall that Obaseki recently lamented the nation’s high debt profile and criticized the federal government for borrowing uncontrollably.
