News
Obaseki: Nigeria is broke! *Tinubu, doesn’t lack ideas to fix economy, he lacks courage
“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.”
These were the words of Godwin Obaseki, Governor of Edo State, on Thursday night, as he weighed into the current parlous economic situation in the country, saying nothing would save the situation, outside the boldness of its leadership to take drastic action to halt the current drift.
Recall it was the same Obaseki, a renowned investment banker before his current job, that alerted the Nigerians in 2022 about the reckless nature Muhammadu Buhari, was embarking on ways and means to run the Nigerian government, citing how the administration printed N60billion in a fell swoop for state to share, a development for which he got into a bitter engagement with the administration.
A guest of Politics Today, a public affairs programme on Channels Television, Obaseki, who spoke ahead of Saturday’s governorship election in his state, accused President Bola Tinubu of lacking in the courage to restructure the country, which he said was the only way out of the woods for Nigeria.
Arguing that Nigeria was no longer earning enough to take care of its expenditure, while officials were still stuck in the past by behaving as if the country was still rich, he said the restructuring must be such that would ensure that individual states took advantage of their individual resources and economic opportunities, to bolster the national purse.
“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.
“First, the Federal Government does not have the capacity to manage the economy at the scale and in the way it is currently doing. You’re producing 1.3 million barrels of oil, right? Because you are trying to do it centrally. We have 147 oil wells in Edo, and only 53 or fewer are producing.
“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.
“I think for me, it’s like this federal government is stuck, and stuck in the past. Because you cannot resolve a malignant problem using the same tools you have used over the years. It’s not that the people there are not smart; it’s not that they’re stupid. It’s more that they just don’t have the courage to make the decisions they need to make. 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.”
Slavery is a wound on the memory of the Universal Church, Pope Leo XIV, said on Monday, as he issued a fresh apology over the participation of the the Catholic Church in the centuries-long delay in condemning slavery.
The pontiff stressed the position of the church after his predecessors had offered similar apologies, said: “For this, in the name of the Church, I sincerely ask for pardon.”
Writing in a major text that warned about “new forms of slavery” behind the digital economy, the joined John Paul II, who denounced slave trade in 1992 before issuing a sweeping request for forgiveness for historical injustices in 2000 and Pope Francis who also repeatedly denounced contemporary forms of slavery.
In his own vein, Pope Leo, pointed out that the Church owned slaves until the Middle Ages and it also advised European sovereigns on how to justify the enslavement of “infidels.”
He stressed in “Magnifica Humanitas” (Magnificent Humanity), a document focused primarily on the rise of artificial intelligence, that it was only in the 19th century that “a formal, absolute and universal condemnation of slavery was clearly articulated.”
Hear him: “It is true that past events cannot be judged anachronistically, as though the moral criteria that matured over time had always been available. Yet neither can we deny or diminish the delay with which both society and the Church came to denounce the scourge of slavery. This constitutes a wound in Christian memory, one from which we cannot consider ourselves detached.”
Qowiy Oloyede, a resident of Oriya Sokoto road, Atan Ota, is currently telling operatives of the Ogun State Colice command, the reasons that pushed him into making a video suggesting that a part of the state was under attack of terrorists, knowing same to be fake.
Oloyede, reports say, dragged to the police on May 23 by one Ayinla Sodiq, who accused him of creating and sharing a misleading TikTok video falsely claiming that bandits had invaded the Atan Ota community..
Zagazola Makama, a counterinsurgency publication, which broke the news, said on immediately being questioning by the Divisional Police Officer (DPO), Oloyed, allegedly confessed to fabricating the video to gain followers on social media.
Apart from admitting that that he created the fake bandit attack content to gain followers and trend online, said in a video currently on social media the herder featured in the clip was a cattle rearer who usually grazed cows behind his shop and had initially refused to participate before eventually agreeing.
Oloyede, who also claimed he could neither read nor write, adding that his apprentice wrote the caption accompanying the video posted online, maintained that he had only produced and posted two similar videos, one on Monday and another on Wednesday.
The command, said to have recovered photographs and video evidence linked to the fake publication during preliminary investigation, added that the suspect would be transferred to the State Criminal Investigation and Intelligence Department (SCIID), Abeokuta, for further investigation, warning residents against spreading false information capable of causing panic and public disorder, and for the public to verify information before sharing content on social media.
For the umpteenth time, President Bola Tinubu has once again, urged Nigerians to be patient with his government, saying the reforms he embarked upon in the last three years, which had begun to yield result would come to its full manifestation soon.
The President, also expressed gratitude to those who had remained supportive of his government during the period, praising them for their resilience and promising that he would not disappoint in the end.
Tinubu, who spoke on Sunday while accepting the fresh nomination of the All Progressives Congress (APC) after being announced as the winner of last Saturday’s presidential primaries across the country, was particularly grateful to the members for their support and renewed his commitment to national development.
With a total of 10,999,162 votes against Stanley Osifo, his only opponent during the exercise who polled 16,503 votes, the President told his audience: “In accepting this nomination, I renew my commitment to serve our nation with even greater determination.
“With another four years of discipline, focus and national cooperation, we will firmly place Nigeria on an irreversible path of economic expansion, industrialisation, energy security, infrastructural development, food sovereignty and democratic consolidation.”
Anyim Pius Anyim, former Senate President, Chairman of the Presidential Primaries Committee of the party, had announced the result of the exercise, subsequent upon which the President received the party flag for the 2027 presidential polls from Nentawe Yilwatda, the APC National Chairman.
Tinubu, while acknowledging the economic hardship experienced by Nigerians since the introduction of key reforms under his administration, including the removal of fuel subsidy and foreign exchange reforms introduced in 2023, told the party faithful: “You have given me the encouragement. Sometimes it is difficult, and I share the pain with you.
“I know what it is to reform an economy that was in tatters. If you lost sleep, I lost some too. If you have lost weight, I think I have lost some too. But I have always remembered one thing: in 2022, I asked for this job, you all supported me, and I got it, so I must do it.”
Highlighting several reforms implemented by his administration, including the student loan scheme, tax reforms, and infrastructure projects, he said more than ₦282 billion had been disbursed to about 1.5 million beneficiaries under the student loan programme, pledging to strengthen electricity supply and create more opportunities for young Nigerians and businesses across the country ahead of the 2027 election.
The president reaffirmed his administration’s commitment to security, promising intensified efforts against banditry and other criminal activities across the country.
Tinubu also urged Nigerians not to become “complacent” or allow politicians without “clear alternative visions” to derail the country’s progress, noting that the forthcoming election must be “a reaffirmation of Nigeria’s democratic maturity.”
-
News4 weeks agoBREAKING: Makinde, Turaki, lose! *S’Court affirms Wike’s PDP leadership
-
News2 weeks agoTinubu to African leaders: Copy Nigeria, produce your way out of poverty
-
Features4 weeks agoJim Nwobodo: The Sun shines, thrills, at ‘The Vanguard Awards’
-
News6 days agoBREAKING: US-Nigeria troops slaughter 175 ISWAP fighters
-
News2 weeks agoWhy we pegged presidential ticket forms at N60million – NDC
-
Columns3 days agoDear General Gowon: That apology you’re running from is your nemesis
-
News2 weeks agoGowon on civil war: My book is to put records straight, remove falsehood
-
News2 weeks agoBREAKING! Coast brightens for Obi, as NDC zones presidency to South