The presidential candidate of the Labour Party, Peter Obi,
has accused the Federal Government of not paying sufficient attention to
economic management issues.
The Labour Party candidate made this accusation in a
statement via his official X handle on Tuesday.
He criticized the recent National Assembly approval of
President Bola Tinubu’s request for the securitization of outstanding N7.3
trillion ways and means debt balance.
Securitization is the practice of pooling together various types of debt instruments and selling them as bonds to investors, while Ways and Means is a loan facility through which the Central Bank of Nigeria, CBN, provides short-term financing to cover the government’s budget shortfalls.
“This is the time when we need to go beyond politics and
partisan grandstanding to address the fundamental issues of rational economic
management.
“I am afraid that the current administration is not paying
sufficient attention to issues of rational economic management,” he said.
While describing securitization as ‘illegal,’ Obi said
former President Muhammadu Buhari’s administration also got the senate to
approve N22.7 trillion in ways and means borrowing from the CBN, barely 26 days
to the end of the eight-year tenure.
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