The Edo State Governor has categorized Nigeria as “technically bankrupt,” asserting that the Federal Government is entrenched in outdated practices that hinder progress. During a recent interview on a current affairs program, the governor elaborated on the financial woes facing the nation, highlighting that it lacks sufficient earnings to meet its expenditures while also failing to decrease government spending.
He emphasized the need for the government to empower individual states to capitalize on available economic opportunities. The governor criticized the central management of resources, noting that Nigeria continues to function under a model that no longer reflects its financial reality.
“Nigeria is technically bankrupt,” he stated, drawing a parallel with the U.S. bankruptcy process where entities file for restructuring to meet their financial obligations. He pointed out that despite being in a precarious financial position, the Federal Government is yet to adopt necessary reforms.
The governor noted that the current economic mismanagement stems from the Federal Government’s inability to effectively oversee the economy at the current scale. He highlighted the production challenges in the oil sector, mentioning that only a fraction of Edo’s oil wells are operational.
To navigate these economic difficulties, he asserted that a structural overhaul is essential for the nation’s economy. “The current structure is outdated. We need a new framework to manage our economy or we will remain stagnant,” he declared, indicating that the necessary courage and decisive actions are required to facilitate this change.
