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Politics

Bankruptcy Claim: Tell Nigerians How Much You Inherited, Obi Tells Tinubu

The presidential candidate of the Labour Party in the February 25 election, Peter Obi has challenged the presidency to tell Nigerians how much the government inherited from its predecessor.

Obi who was reacting to the claim by the presidency that President Bola Tinubu inherited a bankrupt country from Muahammadu Buhari, said in a series of tweets on his X handle on Thursday that “the alarm contradicts the spending behaviour of the government as contained in their supplementary budget just signed into law by the president and the bloated size of the government.”

He noted that the presidency failed to disclose how much the administration inherited which qualified Nigeria for bankruptcy status.

The former Anambra State governor in a statement by his media aide Michael Nwolisa, stated that one major characteristic expected of the new Nigeria he preaches “is a transparent system of disclosure, for example, what is inherited should be disclosed to enable the public to know where we are and where we are headed.”

He recalled that the previous APC government made a similar claim in 2015 against the Peoples Democratic Party (PDP) administration that handed over to them without telling the nation what it actually inherited.

“Rather, according to official records, they took our debt profile from N12.6 trillion in 2015 to N87 trillion in 2023 when it left office without improving on any indices of development, education, health, poverty eradication, and security.

“Indeed, every aspect of the development index got worse,” Obi said.

He stated that Nigerians already knew that things were very bad, adding that what is expected in such circumstances is a measurable and verifiable step to improve the situation.

Obi further noted that the alarm raised by the government, questions the rationale behind some expenditure profiles of the government so far, especially for some items contained in the supplementary budget just signed into law by the president.

“It also goes to buttress the argument I have held since the electioneering time that the cost of governance must be drastically reduced.

“A bankrupt country should channel every available resource into funding critical development sectors like security, healthcare, education, and, eradication of poverty by addressing youth unemployment not spending on non-focal areas,” he added.

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