{"id":305018,"date":"2024-01-10T07:52:29","date_gmt":"2024-01-10T06:52:29","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=305018"},"modified":"2024-01-10T07:52:29","modified_gmt":"2024-01-10T06:52:29","slug":"tinubus-indifference-to-economic-illegality-worrisome-peter-obi","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2024\/01\/10\/tinubus-indifference-to-economic-illegality-worrisome-peter-obi\/","title":{"rendered":"Tinubu\u2019s indifference to economic illegality worrisome \u2013 Peter Obi"},"content":{"rendered":"<ul>\n<li><strong>Obi particularly expressed concern over the growing debt occasioned by the unjustifiable borrowings of the government for undisclosed expenditures.<\/strong><\/li>\n<\/ul>\n<hr \/>\n<p>The <a href=\"https:\/\/www.withinnigeria.com\/news\/2023\/11\/07\/just-in-pdps-banky-w-apcs-obanikoro-lose-to-labour-party-at-appeal-court\/\">Labour Party<\/a> (LP) presidential candidate in the 2023 general elections, Peter Obi, has bemoaned the lack of significant attention to economic management issues by the current administration.<\/p>\n<p>Obi particularly expressed concern over the growing debt occasioned by the unjustifiable borrowings of the government for undisclosed expenditures.<\/p>\n<p>He opposed the recent National Assembly\u2019s approval of President Bola Tinubu\u2019s request for the securitisation of outstanding N7.3 trillion ways and means debt balance.<\/p>\n<p>Obi voiced his concern on the management of the nation&#8217;s resources and economy in a thread on X on Tuesday.<\/p>\n<p>While Ways and Means is a loan facility through which the Central Bank of Nigeria (CBN) provides short-term financing to cover the government\u2019s budget shortfalls, securitisation is the practice of pooling together various types of debt instruments and selling them as bonds to investors.<\/p>\n<p>\u201cThis 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,\u201d he said.<\/p>\n<p>Obi described the securitisation as \u201cillegal\u201d, adding that the practice of breaching extant laws and conventions regarding taking loans from the apex bank does not bode well for the economy.<\/p>\n<p>The LP\u2019s presidential candidate said former President Muhammadu Buhari\u2019s 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.<\/p>\n<p>\u201cIn seven years, CBN lending to the Buhari government had climbed 2700% in flagrant violation of the CBN Act,\u201d the former Anambra governor said.<\/p>\n<p>\u201cIndifferent to the illegality of the excessive ways and means borrowing, the national assembly still approved the new Tinubu administration\u2019s request for an N7.3 trn securitization of the existing ways and means facility just before considering the 2024 budget proposals.<\/p>\n<p>\u201cNo questions asked. No explanations were sought as to the precise purpose of these borrowings all within the seven-month tenure of this government.<\/p>\n<p>\u201cOrdinarily, minimum public accountability should require that the president and his administration offer more specific explanations about the purpose of these borrowings. But so far, all we have been told is that these borrowings are meant to fund \u2018capital\u2019 expenditure,\u201d he said<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Obi particularly expressed concern over the growing debt occasioned by the unjustifiable borrowings of the government for undisclosed expenditures. The Labour Party (LP) presidential candidate in the 2023 general elections, Peter Obi, has bemoaned the lack of significant attention to economic management issues by the current administration. Obi particularly expressed concern over the growing debt [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":269593,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[2],"tags":[704,19677,28,74662],"class_list":["post-305018","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-economy","tag-obi","tag-tinubu","tag-ways-and-means"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Tinubu\u2019s indifference to economic illegality worrisome \u2013 Peter Obi<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2024\/01\/10\/tinubus-indifference-to-economic-illegality-worrisome-peter-obi\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tinubu\u2019s indifference to economic illegality worrisome \u2013 Peter Obi\" \/>\n<meta property=\"og:description\" content=\"Obi particularly expressed concern over the growing debt occasioned by the unjustifiable borrowings of the government for undisclosed expenditures. 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