The Peoples Democratic Party, PDP, in Edo State has joined voice with the state governor, Mr. Godwin Obaseki on the state of the nation’s economy, saying the economy is in dare need of surgical operation.
Governor Obaseki had recently alleged that the Federal Government printed about N60 billion to augment allocation shared to states in the month of March.
He went further to say that by December this year, the country’s total borrowing would be in excess of 15 to 16 trillion.
Giving credence to the Governor’s claim, state chairman of the PDP, Dr. Tony Aziegbemi, in a media briefing on Friday in Benin said Obaseki only sounded a wake-up call for all Nigerians including himself.
The PDP Chairman who furnished journalists with data and graphical illustration on the state of the nation’s economy in a video slide, expressed worry that in spite of the pitiable state of the economy the government of the day has no plan of getting things better.
Aziegbemi who owns Doctorate Degree in economics raised the alarm that Nigeria’s debt rate has rised to a frightening sum of N32tr, just as he added that the Federal Government fund the annual budget through borrow, deficit and printing of money.
“As we speak, the debt of crude oil is N32tr. So, we are piling debt hoping that some days somebody somewhere will help us. This figure of N32tr debt is frightened because once our debtors call for their money we will not have enough to pay. What is so painful is that, the government does not have plan on how to get the economy better.
“What the Governor has said is to let everybody at the policy making level think. We cannot continue this way; we cannot continue to pretend that we are fine and all is well when and are not, and this is because of the hopeless and clueless of this APC-led Federal Government.
“Obaseki only sounded a wake-up call for all Nigerians including himself. He has spoken the truth desperately needed at the moment.
He has shaken the table again for the proper thing to be done,” he said.
Dr. Aziegbemi who further raised the alarm that the government is using over 70% of it revenue to service debts, said the nation’s economy is heading towards a situation where debts and revenue are at equal level, adding that this portends a collapse economy.
He added that due to the bad economy, inflation rate has risen to 18.17 ration while unemployment 43:18 percentage.