Bankruptcy claim: Reveal what you inherited, Obi tells Tinubu

Labour Party, LP, presidential candidate in the February 25, poll, has expressed dismay over recent claim by President Bola Tinubu that his government inherited a bankrupt nation from his predecessor (Muhammadu Buhari).

He also called on President Tinubu to reveal what he inherited which qualified Nigeria for bankruptcy status.

Tinubu is of the All Progressives Congress, APC and predecessor is also of the APC.

Peter Obi

Obi in a statement on Thursday, said: “I just read yesterday (Wednesday), a widely publicized story from the current APC-led Federal Government saying that they inherited a bankrupt nation from their predecessor APC administration.

But the story failed to disclose what they inherited which had qualified us for bankruptcy status.

One major characteristic of responsible governance is transparency and strict accountability.

This demands that the government disclose exactly the degree of deficit they inherited.

Former President Muhammadu Buhari

What is inherited should be disclosed to enable the public to know where we are and where we are headed.

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Recall that the previous APC government made a similar claim in 2015 against the PDP administration that handed over to them without telling the nation what it actually inherited.

Rather, they took our debt profile from N12.6 Trillion in 2015 to N87 trillion in 2023, when they left office without improving on any indices of development: Education, health, poverty eradication, and security.

Instead, the condition of the nation on every development index got worse, leading to the present sad state. Nigerians know things are bad, and they experience it daily.

What they now want to hear regularly are measurable and verifiable steps to improve the situation.

Also, the alarm raised by the government about the bad state of our finances raises questions about the rationale behind some expenditure items in the supplementary budget recently signed into law.

The current revelation also goes to buttress the argument that I have made since electioneering season that the cost of governance is too high and 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 in non-essential areas.

So, what we expect are measurable and verifiable steps to improve the situation,” he added.

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