Peter Obi, the Presidential Candidate of the Labour Party,
LP, has described as worrisome the lowering of Nigeria’s credit rating by
Moody’s Investors Service from B3 to junk bonds.
A statement by the former Anambra governor on Wednesday said
the downgrade sends signals to the global community of the country’s current
bleak economy.
Obi said though the situation was a verdict on governments’
inability to fix the economy, the issue “does not call for blame games but a
determined effort to provide solutions”.
The flagbearer opined that Moody’s dismal outlook for the most populous black nation is a wake-up call on the need for fundamental change and a new approach to formulating and executing blueprints.
Obi stressed that persistent fiscal rascality, institutional
vulnerabilities, and social problems are issues everyone must address frontally
and with seriousness.
“I don’t believe this is a time for blame games. Governments
have done what they could but didn’t solve the problem.
“It’s now time to bring in the right team with the
competence, capacity, character, and compassion to reverse the trend and solve
the problems with the urgency and determination it deserves,” he noted.
The LP candidate assured that his administration would
prioritise policies that are tailored towards addressing institutional
vulnerabilities and social challenges.
Obi also promised to lead efforts to create a more stable,
predictable business environment, and reduce the country’s reliance on oil
production.
He revealed the plan to focus on creating jobs, boosting
economic growth, eradicating poverty while ensuring Nigeria’s finances are
sustainable.
The frontrunner added that the “vicious cycle of high
government borrowing needs, rising interest rates, institutionalised
corruption, and limited funding options” will be broken.
It is the second time in three months that Moody downgraded
Nigeria’s foreign credit rating, an action that makes it harder for the country
to get funds from international markets.
Last October, the agency downgraded the ratings of the
country’s economy to B3 from B2. In November, another credit agency, Fitch
Ratings, lowered the county’s long-term foreign-currency issuer default rating
to B- from B.
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