Nigeria’s downgrade by rating agency worrisome – Obi

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Abuja, Feb. 2, 2023 – Peter Obi, the Labour Party Presidential Candidate, says the downgrade of Nigeria’s credit rating by Moody’s Investors Service from B3 to junk bonds is worrisome.

Obi said the downgrade was a verdict on the government’s inability to fix the Nigerian economy.

According to a statement by his campaign organization in Abuja on Wednesday, Obi, however, said that the situation did not call for any blame games.  

“The seriousness of the issue does not call for blame games, but a determined effort to provide the solutions that can improve the fortunes of Nigerians and the country itself.

“The ratings agency’s bleak outlook for our country is a wake-up call on the need for fundamental change and a new approach to formulating and implementing our nation’s economic policy.

“The persistent fiscal rascality, institutional vulnerabilities, and social challenges faced by our country are issues we must address frontally and with the seriousness they deserve.

“I don’t believe this is a time for blame games. Governments have done what they could but didn’t solve the problem.

“It’s now time to bring in the right team with the competence, capacity, character, and compassion to start reversing the trend and set on the path to solving the problems with the urgency and determination it deserves,” he said.

Obi said all hope was not lost in spite of the bleak economic outlook for Nigeria as he will implement policies to address the situation if elected.

He said his administration would prioritise policies that would address the nation’s institutional vulnerabilities and social challenges.

 “There is hope for a better future for our nation.

“As your brother and friend who also feels the impact of the misgovernance of Nigeria, and not just the Presidential Candidate of the Labour Party, I am committed to implementing a new economic vision that prioritises the needs of all Nigerians.

“Our plan will focus on creating jobs, boosting economic growth, and eradicating poverty, while ensuring that our country’s finances are sustainable.

“We are not promising what we cannot deliver. Our track records are verifiable.

“We will work hard to break the vicious cycle of high government borrowing needs, rising interest rates, institutionalised corruption, and limited funding options. We will deliver on this.

“It is time for the actual change, and the Labour Party is ready to provide the leadership and vision needed to get Nigeria back on track.

“We must act now to restore confidence in our economy and secure a brighter future for all Nigerians.

“I believe that with the right leadership that we are offering and the quality team, we are putting together to get the job done, we will turn the tide of economic woes in Nigeria and create a more prosperous, equitable, and stable country for all Nigerians,” he said. (GBN)

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