By Dosu Deborah Oluwatimilehin (SIWES student, Adeseun Ogundoyin Polytechnic Eruwa)
Peter Obi, Labour Party’s presidential candidate, has accused the APC government led by President Buhari of flouting the CBN Act and the Ways and Means Borrowing law.
Obi highlighted the administration’s budget deficit, calling it a threat to the economy and attributing it as a cause for the country’s current economic challenges.
Obi Criticizes Bola Tinubu’s Administration for Excessive Borrowing
Labour Party’s Peter Obi criticized Bola Tinubu’s administration for continuous Ways and Means borrowing from the CBN, violating the law and the CBN Act.
Emphasizing the potential consequences for the economy, Obi urged transparency and accountability in fund utilization.
Tinubu Administration’s Violation of CBN Act, According to Obi
Peter Obi reiterated that the Tinubu administration’s borrowing exceeds the CBN Act’s stipulated limit, urging compliance with the law.
He emphasized the need for transparency and accountability in handling borrowed funds, directing a call to the CBN to ensure adherence to regulations.
Obi Raises Concerns Over Securitization of Government Debt
Peter Obi expressed concern about President Tinubu’s request to securitize the N7.3 trillion owed to the CBN, citing a violation of the CBN Act.
Obi warned against negative economic consequences and called for government transparency and CBN vigilance in enforcing regulations.
Government’s Disregard for Debt Settlement Requirement
Obi highlighted the government’s failure to liquidate outstanding debt before new borrowings, emphasizing its disregard for the law.
He stressed the importance of accountability, warning of severe consequences for the economy if legal obligations continue to be ignored.
Obi’s Address at CIVA Convention in Ghana
Speaking at the CIVA Convention in Accra, Ghana, Peter Obi expressed concerns about government borrowing and urged fiscal responsibility.
He warned of a potential debt trap with lasting consequences and called for reforms to ensure a sustainable economic future.
Obi Criticizes National Assembly’s Approval
Peter Obi criticized the National Assembly for approving the securitization of what he deemed an illegal debt, alongside considering additional loans.
He lamented the lack of oversight, urging the National Assembly to exercise its legislative powers and uphold the rule of law.
Obi Decries Buhari Administration’s Last-Minute Borrowing
Peter Obi criticized the Buhari administration for last-minute borrowing of N22.7 trillion through the CBN’s Ways and Means program, highlighting a 2700% violation of the CBN Act.
He expressed disappointment in the administration’s failure to use borrowed funds for the benefit of the Nigerian people.
Obi Details Financial Mismanagement and Urges Immediate Action
The statement outlined various financial issues, including a total debt burden of over N49 trillion, rising inflation, and unemployment rates.
Obi urged the government to take immediate steps to address these challenges and improve the overall economic situation.
