Edo State Governor, Godwin Obaseki, has sounded the alarm that Nigeria is on the brink of bankruptcy, urging urgent restructuring to ensure progress. In an interview on Channels Television’s Politics Today, Obaseki pointed out the nation’s inability to cover expenditures with low earnings and high spending.
Comparing Nigeria’s situation to Chapter Eleven bankruptcy in the US, Obaseki emphasized the need for restructuring to meet obligations. He criticized the centralised management of resources by the Federal Government and advocated for states to exploit their economic opportunities individually.
Expressing concern about the government’s reluctance to make tough decisions, Obaseki highlighted the need for a new governance structure to drive the state’s economy. He emphasized the outdated nature of the current system and the necessity of bold changes for progress.
Obaseki’s call for urgent restructuring comes amidst a looming financial crisis in Nigeria, with a focus on empowering states to drive economic growth and address the structural challenges the country faces.
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