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Nigeria has no choice but to borrow; the previous administration left the coffers empty—Osoba.
By; Mary Owolabi
Former Ogun State Governor, Olusegun Osoba, has stated that Nigeria has no alternative to borrowing money due to the previous government leaving the country’s treasury empty.
Osoba stated this in an interview with Arise Television, following the N7.3 trillion Ways and Means funds borrowed by the Tinubu administration. He added that the culture of borrowing will only serve Nigeria for now and that President Bola Tinubu will sign an executive order to encourage Nigerians against hoarding money. Osoba also justified the delay of President Tinubu’s visit to the victims of the Plateau State attack on Christmas Eve.
He said that opposition parties are doing what they should, creating robust critical engagements to help the ruling party analyze their statements and reactions.
Osoba also said that the effect of the subsidy removal is expected but will last for a short while.
He said that the multiplication effect of the oil subsidy started immediately, affecting every aspect of Nigeria’s lives. There is no segmentation between the poor and rich, even in the private sector.
Osoba argued that the culture of borrowing will only serve Nigeria for now and that President Bola Tinubu will sign an executive order to encourage Nigerians against hoarding money. He also justified the delay of President Tinubu’s visit to the victims of the Plateau State attack.
Osoba emphasized the importance of robust engagements between the opposition and ruling parties to analyze their statements and reactions. He emphasized the need for a well-organized response to the Plateau attack and a broad-based policy to curb inter-communal conflicts.
Nigeria must borrow due to the previous government leaving an empty treasury. Osoba emphasized this, noting there’s no other choice.
He also mentioned President Tinubu’s plan to address cash hoarding and the necessity of robust engagements by opposition parties. Osoba also discussed the expected short-term impact of subsidy removal, acknowledging the hardships it brings. Nigeria’s economic challenges are significant, and the current administration is working tirelessly to navigate through them. Osoba highlighted the need for transparency and accountability in government spending and the importance of long-term economic planning. He also stressed the role of international partnerships in supporting Nigeria’s recovery efforts.
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