Posted by Samuel on Wed 10th Jan, 2024 - tori.ng
The Labour Party candidate made this accusation in a statement via his official X handle on Tuesday.
Peter Obi, the presidential candidate of the Labour Party, has accused the Federal Government of not paying sufficient attention to economic management issues.
The Labour Party candidate made this accusation in a statement via his official X handle on Tuesday.
He criticized the recent National Assembly approval of President Bola Tinubu’s request for the securitization of outstanding N7.3 trillion ways and means debt balance.
Securitization is the practice of pooling together various types of debt instruments and selling them as bonds to investors, while Ways and Means is a loan facility through which the Central Bank of Nigeria, CBN, provides short-term financing to cover the government’s budget shortfalls.
“This is the time when we need to go beyond politics and partisan grandstanding to address the fundamental issues of rational economic management.
“I am afraid that the current administration is not paying sufficient attention to issues of rational economic management,” he said.
While describing securitization as ‘illegal,’ Obi said former President Muhammadu Buhari’s administration also got the senate to approve N22.7 trillion in ways and means borrowing from the CBN, barely 26 days to the end of the eight-year tenure.