Obaseki worries over rising debt profile, says Nigeria could be owing ₦16trn by end of 2021
By Chris Udochukwu ABUJA (Precise Post) – Governor Godwin Obaseki of Edo State has raised an alarm over the country’s rising debt profile, saying the situation is more critical now because of the huge amount borrowed to service the ailing economy. Obaseki raised the alarm on Wednesday during a meeting with the Transition Committee members at the Government House in Benin City, the Edo State capital. He noted that the major oil giants like Chevron and Shell no longer invest so much oil as was obtainable in the past. The governor, being an investment banker, explained that Chevron is now one of the world’s investors in alternative fuel, adding that Shell intends to pull out of Nigeria. “In another year or so, where will we find this money that we go to Abuja to share every month? Last month, we got FAAC for March. The Federal Government printed an additional ₦50 to ₦60 billion to top-up for us to share,” he said. “We say remove subsidy, they say no. This April, next week again, we will go to Abuja and …
Obaseki worries over rising debt profile, says Nigeria could be owing ₦16trn by end of 2021 Read More