Peter Obi, the Labour Party (LP) presidential candidate for the 2023 general elections, criticized the current administration, highlighting its insufficient attention to economic management issues. In a series of posts on X on Tuesday, Obi expressed concern over the recent approval by the National Assembly of President Bola Tinubu’s request for the securitization of the outstanding N7.3 trillion ways and means debt balance.
Ways and Means is a short-term loan facility provided by the Central Bank of Nigeria (CBN) to cover the government’s budget shortfalls, while securitization involves pooling various debt instruments and selling them as bonds to investors.
Obi, in emphasizing the need to address fundamental economic management issues beyond political considerations, deemed the securitization as “illegal.” He raised questions about the lack of public accountability and criticized the National Assembly for approving the request without seeking precise explanations regarding the purpose of the borrowings.
Drawing attention to similar actions during the former President Muhammadu Buhari’s administration, Obi noted that the Senate had approved N22.7 trillion in ways and means borrowing from the CBN just 26 days before the end of the eight-year tenure. He emphasized the need for the current administration to provide specific explanations about the purpose of these borrowings, expressing concerns about the lack of transparency in the process.
