Allegations have been made by the Labour Party’s presidential candidate, Peter Obi, that the Federal Government is not prioritizing economic management issues.
On Tuesday, the Labour Party candidate voiced his concerns through an official statement.
He criticized the recent approval by the National Assembly for the securitization of the outstanding N7.3 trillion ways and means debt balance, a request made by President Bola Tinubu.
Securitization involves pooling various types of debt instruments and selling them as bonds to investors. Ways and Means, on the other hand, is a loan facility provided by the Central Bank of Nigeria (CBN) to cover the government’s budget shortfalls.
Obi stated, “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 giving sufficient attention to issues of rational economic management,” he added.
Labelling securitization as ‘illegal,’ Obi also pointed out that the former President Muhammadu Buhari’s administration secured senate approval for N22.7 trillion in ways and means borrowing from the CBN just 26 days before the end of the eight-year tenure.
