Posted by The Labour Party’s Presidential Candidate, Peter Obi, has expressed concern about Moody’s Investors Service downgrading Nigeria’s credit rating from B3 to junk bonds.
According to a statement issued by the former Anambra governor on Wednesday, the downgrading sends messages to the global community about the country’s current dire economic situation.
Obi said though the scenario was a verdict on governments’ incapacity to manage the economy, the issue “does not call for blame games but a committed endeavor to deliver solutions”.
The flagbearer believes Moody’s downgrade of the most populous black nation is a wake-up call to the need for fundamental reform and a fresh way to developing and implementing blueprints.
Obi emphasized that continuing budgetary rascality, institutional vulnerabilities, and societal challenges are ones that everyone must confront directly and seriously.
“I don’t feel this is the time for finger-pointing. Governments did their best but were unable to fix the problem.
“It’s now time to assemble the proper team with the expertise, capacity, character, and compassion to reverse the trend and handle the challenges with the haste and commitment they deserve,” he said.
The LP candidate promised that his administration will prioritize policies aimed at overcoming institutional weaknesses and societal difficulties.
Obi also committed to lead efforts to make the economic environment more stable and predictable, as well as to lessen the country’s dependency on oil output.
He disclosed the strategy to focus on job creation, economic growth, poverty eradication, and guaranteeing Nigeria’s fiscal sustainability.
The frontrunner went on to say that the “vicious cycle of high government borrowing demands, rising interest rates, institutionalized corruption, and restricted funding options” would be broken.
Moody’s has lowered Nigeria’s foreign credit rating for the second time in three months, making it more difficult for the country to obtain cash from overseas markets.
The country’s economy was downgraded to B3 from B2 by the agency in October. Another credit agency, Fitch Ratings, downgraded the country’s long-term foreign-currency issuer default rating to B- from B in November.