According to former Ogun State governor, Olusegun Osoba, Nigeria has limited or no choice but to borrow due to the fact that the previous government, led by ex-President Muhammadu Buhari, left the national coffers empty.
He expressed this during an interview on Arise TV on Tuesday.
Osoba’s comment followed closely after the Tinubu administration borrowed N7.3 trillion in Ways and Means monies.
He stated that during a period when the treasury had no funds and the previous administration was resorting to borrowing in order to cover salaries, the entire place was devoid of resources. What other alternatives do you have besides borrowing to temporarily bridge the gap?However, it is important to note that the culture of borrowing is not indefinite. Currently, it is solely fulfilling our needs. You encountered a depleted treasury. There had no alternatives but to continue borrowing. Upon the completion of the initial year in office, a comprehensive evaluation will be conducted to assess the situation and determine the subsequent course of action.Speaking of borrowing, when you have no money, you must visit your bank to obtain financial support for a period of time. The outcome is contingent upon your management of the given circumstances.
“I have previously elucidated that we were fortunate, however, as of June 1, the entire system was arranged to undergo a complete and utter collapse.” I assure you, had Tinubu not aligned with the government’s course of action, the situation would have deteriorated.
Regarding the accumulation of wealth, Osoba stated that President Bola Tinubu intends to enact an Executive Order to promote the discouragement of Nigerians from hoarding money.
“In my conversation with President Tinubu on Christmas Day, he informed me that he is in the process of drafting a document to incentivize Nigerians to retrieve undisclosed funds that are presently outside the banking system and contributing to a shortage of cash,” he stated.