Tuesday, 24 January 2017

Sanusi, Okonjo-Iweala Begged Us To Save For Rainy Day But We Refused... Peter Obi.

Former Governor of Anambra State, Peter Obi, yesterday said governors under the Goodluck Jonathan administration refused to save for a rainy day.
Obi said former Minister of Finance, Ngozi Okonjo-Iweala, and former Governor of the Central Bank
of Nigeria (CBN), Lamido Sanusi Lamido, now emir of Kano, Muhammad Sanusi II, begged the Federal Government to build its savings but the governors kicked against the idea.
Speaking on CNBC Africa, Obi said he was not against the Muhammadu Buhari government’s plan to borrow, but he was against borrowing without a plan.
“I was in government when the likes of Ngozi Iweala, Aganga, Sanusi were crying let’s save; we collectively said we don’t want savings, and we are now in this mess; we cannot afford to increase it by going to borrow without a clear road map on what we would use it for,” Obi said.
“People start saving in crisis. Go and check most nations that save, they started it in crisis situation, because they could see the point of not saving yesterday; and that is where we are.
“I have said it before that even if we saved five percent of all our oil earnings from 1960 to date, which is about $1.2 trillion, considering a compound interest of about five percent, we should have about 150 billion today.”
 

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