Governor Godwin Obaseki of Edo State has criticized the Federal Government led by President Bola Tinubu for its outdated approach to governance.
In a recent interview, he pointed out that Nigeria is facing a situation akin to bankruptcy, yet the government continues to maintain high levels of expenditure without adequate income.
Obaseki expressed his concern that despite the nation’s dwindling earnings, the government behaves as though it possesses the financial resources of the past.
He stated, “Nigeria is essentially in a state of technical bankruptcy. In any part of the world, including the United States, a bankrupt entity would file for Chapter 11 protection.”
He stressed the urgent need for Nigeria to overhaul its financial management system to acknowledge and fulfill its fiscal responsibilities, arguing that the current structural framework is no longer viable.
Highlighting key figures such as Obaseki, Shaibu, and Igbinedion, who are poised to influence the upcoming Edo elections, the governor insisted that the nation must undergo significant restructuring to effectively manage its obligations.
“The fundamental issue confronting Nigeria is a structural one. The existing structure is outdated,” he remarked.
Obaseki further emphasized, “Nigeria is not adapting its financial practices. It continues to operate as if it has access to funds like in the past. The situation has been precarious for some time. While I wouldn’t label it insolvent, it is clear that we do not have sufficient resources to cover our expenses, and yet we are not cutting back on spending nor increasing our revenue.”
He elaborated on the need for a complete redesign of the economic management system, noting that the federal government lacks the capacity to effectively handle the economy as it currently stands.
With Nigeria producing only 1.3 million barrels of oil, he pointed out inefficiencies in the centralized approach, stating, “In Edo State alone, we have 137 oil wells, yet only about 53 are operational. We need to create a new framework that allows different regions to leverage their unique economic opportunities and contribute appropriately to the federal treasury.”
Obaseki concluded, “This federal administration is rooted in outdated methodologies. You cannot tackle deep-rooted issues with the same strategies that have failed in the past. The individuals in power may be intelligent, but they lack the courage to implement the necessary changes.”
