Nigeria could be owing ₦16trn by end of 2021 –Obaseki

By Wisdom Deji-Folutile

Governor of Edo State, Godwin Obaseki, has said that the country’s rising debt profile was disconcerting as it was having to borrow huge sums of money to support the debilitated economy.

Obaseki raised the alarm on Wednesday during a meeting with a group of individuals at the Government House in Benin City, the state capital.

According to him, companies like Shell and Chevron are going to begin pulling out their investments in oil.

The governor, who is also an investment banker, explained that Chevron was now one of the world’s leading investors in alternative fuel.

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He said, “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.

“We say remove subsidy, they say no. This April, next week again, we will go to Abuja and share. By the end of this year, the total borrowing is going to be in excess of ₦15 to ₦16trn.

“My worry is that we will wake up one day like Argentina, the naira will be ₦1,000, ₦2,000 and will be moving because we don’t have money coming in. You are just borrowing, borrowing and borrowing without any means or idea of how to pay back.”

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