Calls for Restructuring Intensify as Analyst Raises Alarm Over Buhari’s N23 Trillion Expenditure, Tinubu’s N7.8 Trillion Printing Spree

In a recent interview on Channels TV’s Sunrise Daily, Nnaemeka Obiareri, a Development Economist and Investment Banker, raised concerns about Nigeria’s economic state. He accused former President Buhari of squandering N23 trillion printed during his tenure without visible development. Additionally, Obiareri highlighted President Tinubu’s printing of N7.8 trillion in just seven months, despite the nation’s continued reliance on borrowing.

Obiareri emphasized the urgent need for economic restructuring, stating that the current constitutional framework hinders progress. He asserted, “Even if you bring an angel into this country, he cannot fix it under the current constitutional framework that we run.”

The economist attributed 60% of the pressure on the foreign exchange market, particularly the dollar side, to criminal activities. He addressed recent protests in Minna and Kano, emphasizing that Nigerians are demonstrating against the perceived insensitivity of the political class rather than an unwillingness to work.

Reflecting on the country’s economic history since 1999, Obiareri criticized Buhari’s administration for printing N23 trillion in eight years, leading to a devaluation of the naira. He also questioned the utilization of the funds, pointing out instances of governors engaging in extravagant spending.

Regarding the crude oil sector, Obiareri noted a decline in production and highlighted the significant losses due to theft and inefficiency. He called for measures to address corruption and suggested fundamental changes, including fiscal restructuring and the revival of regional autonomy.

In proposing solutions to Nigeria’s economic challenges, Obiareri urged a focus on the fiscal side, emphasizing the need to fix the constitutional and resource distribution architecture. He advocated for a return to the 1963 model, promoting fiscal federalism and state police.

In conclusion, he criticized the borrowing trend, stating, “Under President Tinubu, we have printed N7.8 trillion in seven months, and we are not talking about that. What did they do with the naira, and we keep on borrowing, and Nigeria keeps worsening?”

As concerns about the nation’s economic stability persist, Obiareri’s insights shed light on the critical need for comprehensive reforms to steer Nigeria in a more sustainable direction.