Nigeria Faces Technical Bankruptcy, Says Obaseki

Edo State Governor Godwin Obaseki has declared Nigeria “technically bankrupt,” urging a complete restructuring of the country’s economic management.

During an interview on Channels Television’s Politics Today, Obaseki criticized the Federal Government for being “stuck in the past” and failing to adapt to current economic realities.

Obaseki elaborated, stating that Nigeria does not earn enough to cover its expenditures, and government spending continues unabated. “Nigeria has been in trouble for a while. I won’t say insolvent, but technically so, in the sense that we don’t have enough to cover our expenditure,” he explained.

The governor emphasized that the current centralized management of resources is ineffective, particularly in the oil sector, where Nigeria is producing only 1.3 million barrels. He pointed out that Edo State has numerous oil wells, yet only a fraction is producing.

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“The federal government cannot continue to micromanage the country. It has shown that it lacks the capacity to do so. A new design is necessary to allow states to capitalize on their economic opportunities,” he added.

Obaseki also expressed that the federal structure is outdated and called for courageous leadership to make necessary reforms. “The problem with Nigeria today is structural. If we don’t address this, we are not going anywhere,” he warned.