Nigeria’s economy in serious crisis, says Obaseki

Nigeria’s economy has been thrown into a serious crisis by the federal government, says Governor Godwin Obaseki of Edo state.

Obaseki, who disclosed this on Thursday in Benin at a workshop to discuss the implementation of the state’s new Land Use Charge Law, advised residents to help themselves by contributing to the development of the state.

“Nigeria’s economy is in serious crisis. We can’t continue to fold our hands and wait for a country that can’t help us. Rather, we will do all we can to help ourselves and our state,”

President Bola Tinubu’s reforms – removal of petroleum subsidies and forex exchange liberalization – have continued to push up the price of goods and services in Nigeria, with the high inflation rate and the economic hardship causing unease across the country.

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The Edo State Governor, Mr. Obaseki said the state government has resorted to “taking care of those who can’t feed themselves” in the state.

“From our revenue, we have decided to take money from our Internally Generated Revenue to look after those that can’t feed – the poorest of the poor. We are doing our best as an administration to make things easy in Edo State for our citizens who have trust in this government,” the governor said.

“If we are a truly thriving country, states will survive on their own, without relying on Abuja. Whether they give us or not, we would survive as a state. We have been surviving before now. Our administration is transparent and accountable, that is why the World Bank trusts us.”

Workers’ unions have kicked against the Nigerian government’s reforms, while Mr. Tinubu has continued to appeal for understanding and calm, arguing that his actions are for the good of the country.

The federal government on Thursday announced N5 billion palliative to each of the 36 states to cushion the effect of the removal of petrol subsidy.