“Wale Edun Said The Economy Had Collapsed And Nigeria Had Been Borrowing To Run Government

The Yoruba self-determination movement’s leader, Professor Banji Akintoye, and Ilana Omo Oodua brought attention to the harsh reality of Nigeria’s economic position….READ FULL ARTICLE

He cited the open statement made by former governor of the Central Bank Soludo that the economy had collapsed even before President Tinubu took office.

The economy, according to Soludo, is like a “dead horse” that is being made to look alive. This dire assessment was further supported by Wale Edun, the newly appointed Minister of Finance and Coordinating Minister for the Economy, who disclosed that Nigeria has been largely dependent on borrowed monies to maintain government operations.

According to what Professor Banji Akintoye said in an interview with Punch News, “Yes, the former governor of the Central Bank, Soludo, said the economy collapsed before Tinubu was sworn in.

He said it was like a dead horse that they were managing to keep and make it look as if it were standing. The new Minister of Finance and the Coordinating Minister for the Economy, Wale Edun, also said the economy had collapsed and that Nigeria had been borrowing money to run the government.

We cannot continue to borrow money like that anymore because 98 percent of government revenue is now expended on servicing debts. The consequence of that collapse is the increasing poverty among our people.”...READ FULL ARTICLE