Some social media users have reacted to comments made by Edo State Governor, Godwin Obaseki, stating that Nigeria is technically bankrupt.

He made these comments during a one-on-one interview on the Channels Television programme Politics Today on Thursday, September 19.

According to him, the federal government, led by President Bola Tinubu, is "stuck in the past" and needs to restructure the country for progress.

Obaseki explained that the country neither has enough nor earns enough to cover its expenditure, and government spending is not decreasing.

He emphasized that the government must ensure that individual states take advantage of economic opportunities, noting that the Federal Government cannot continue to centrally manage resources.

"Nigeria is technically bankrupt. And I mean it. When you are bankrupt anywhere in the world, like in the United States, you file for what they call Chapter Eleven. You restructure your affairs so that you can reorganize and meet your obligations. Nigeria is not restructuring in that sense; it still behaves as if it had money like it used to.

"It 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, we are not reducing our expenditure, and we are not earning more."

"First, the Federal Government does not have the capacity to manage the economy at the scale and in the way it is currently doing. You're producing 1.3 million barrels of oil, right? Because you are trying to do it centrally. We have 147 oil wells in Edo, and only 53 or fewer are producing."

"Unless you create a new design that allows the individual states to take advantage of the economic opportunities they have, stressing the assets of this country and paying what they need to pay to the central government, the federal government cannot sit and try to micromanage the country and its assets. It has shown that it cannot. It doesn’t have the capacity to do so," he said.

He also expressed his belief that the Federal Government is stuck in the past, stating that the current structure of the country is outdated and that a new structure is needed to effectively manage the economy.

"I think for me, it's like this federal government is stuck, and stuck in the past. Because you cannot resolve a malignant problem using the same tools you have used over the years.

"It's not that the people there are not smart; it's not that they're stupid. It’s more that they just don’t have the courage to make the decisions they need to make.

"The problem with Nigeria today is structural. The structure we have is expired; it’s outdated. We need a new structure to run the economy of the state. If it doesn’t happen, we are not going anywhere," Obaseki stated.

See how Nigerians reacted

a_djo_ker said: "This my guy here is a joker like me, good at sweet talk but do opposite like tinubu. I dnt think things re getting better bcos we av bandits in power"

_oluwasheyifunmi commented: "No be this man federal pay 13 percent oil derivatives wey say he no collect anything thank na Wike open all the rest South South governor.You do well in human development but your road are bad,no good hospital,you expect that state to develop I won't say anything anymore."

de_prince_chima_anni wrote: "Lol If you still refer Nigeria as a country you’re funny, Nigeria is a company and, it is what it is"

jayselfpaidd said: "Nigeria bankrupt and una dey add fleets of SUVs to presidential every now and then"

cyrilsundaythegifted wrote: "Governor Obaseki did well in Edo State like Constructed of Ekosodin road and five joining street, reconstruction of Lucky way, construction of Ebo for Airport road down to sapele road,.Construction of road in Ekpoma Construction of sobe and Afuze road Construction of joining street in upper mission and many others if Governor Obasekj did not do your road does not mean Obaseki did not do any work in Edo. Like the way Adam Oshiomole contrast major road in Edo why Obaseki construct joined street and most rural area please take note I did not support any political party we must say things the way its is Adams Oshiomole work in Edo State and Obaseki also work too"

justsparkle69 said: "but you bankrupt Edo State sir. You go think say this man go make Edo great. With this kain talk"

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