Nigeria’s opposition Labour Party leader Peter Obi has reacted to The National Security Adviser’s report that President Tinubu Inherited Bankrupt Country, Empty Treasury From Last Administration. He made this known in a recent tweet via his official twitter page.…CONTINUE READING
Recall, Nuhu Ribadu disclosed that the financial distress currently plaguing the country is a direct result of President Bola Tinubu’s administration inheriting an empty treasury upon assuming power a few months ago.
While speaking at the Chief of Defence Intelligence Annual Conference 2023 in Abuja on Monday, Ribadu acknowledged the severe financial constraints affecting budgetary allocations but reassured the nation that the federal government is committed to maintaining a robust and viable defense management and mechanism.
“I assure you that the federal government will not rest on its oars in ensuring a robust and viable defence management and security apparatus to address contemporary challenges even in the face of enormous budgetary constraints.
“Yes, we’re facing budgetary constraints. It is okay for me to tell you. Fine, it is important for you to know that we have inherited a very difficult situation, literally a bankrupt country, no money, to a point where we can say that all the money we’re getting now; we’re paying back what was taken. It is serious!
“But this administration is doing its best to meet our requirements, particularly the armed forces, and I believe that you leaders will be able to testify to that.” Ribadu said
Reacting to NSA’s report, Obi believes it is expected for FG to disclose what they inherited which had qualified us for bankruptcy status public to know where we are and where we are headed
I just read yesterday, a widely publicized story from the present APC-led Federal Government saying that they inherited a bankrupt nation from their predecessor APC administration. But the story failed to disclose what they inherited which had qualified us for bankruptcy status.
One major characteristic of responsible governance is transparency and strict accountability. This demands that the government disclose exactly the degree of deficit they inherited.
What is inherited should be disclosed to enable the public to know where we are and where we are headed. Recall that the previous APC Government made a similar claim in 2015 against the PDP administration that handed over to them without telling the nation what it actually inherited.
Rather, they took our debt profile from N12.6 Trillion in 2015 to N87 trillion in 2023 when they left office without improving on any indices of development: Education, Health, Poverty eradication, and Security. Instead, the condition of the nation on every development index got worse, leading to the present sad state. Nigerians know things are bad, and they experience it daily. What they now want to hear regularly are measurable and verifiable steps to improve the situation.
Also, the alarm raised by the government about the bad state of our finances raises questions about the rationale behind some expenditure items in the supplementary budget recently signed into law.
The present revelation also goes to buttress the argument that I have made since electioneering season that the cost of governance is too high and must be drastically reduced. A bankrupt country should channel every available resource into funding critical development sectors
like security, healthcare, education, and eradication of poverty by addressing youth unemployment, not spending in non-essential areas. So, what we expect are measurable and verifiable steps to improve the situation. -PO
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