ADVERTISEMENT

Alex Otti laments naira free fall, says FG printed too much money

Otti said Nigeria must move from consumption to production for the economy to recover.

Alex Otti laments naira free fall, says FG printed too much money

Under former President Muhammadu Buhari, the Central Bank of Nigeria (CBN) reportedly issued ways and means to the tune of ₦30 trillion to the federal government.

According to analysts, the move - which is being investigated by the Senate - plunged the Nigerian economy into a catastrophe yet to be resolved.

Speaking during an interview on Channels Television’s Politics Today on Thursday, February 29, 2024, the Governor noted that Nigeria's major problem is a lack of financial discipline.

ADVERTISEMENT

“I believe that the major problem we have is financial discipline. We are dealing with an economy where we printed so much money, at the last count, we will be nearing N30 trillion.

“So what happens with ways and means is that the quantum of goods that you have available in an economy does not increase with the quantity of money that you print,” he said.

Otti also said that to turn the current economic tide around for good, Nigeria must move from consumption to production.

The Governor condemned the nation's overreliance on importation, saying the practice piles too much pressure on the foreign exchange market.

“The issue of production versus consumption, if the economy must recover, we must move to production.

ADVERTISEMENT

“That does not necessarily mean we will reduce consumption; what it means is that we will be consuming what we produce, to the extent that we are importing virtually everything. You keep piling pressure on the foreign exchange market,” he added.

Enhance Your Pulse News Experience!

Get rewards worth up to $20 when selected to participate in our exclusive focus group. Your input will help us to make informed decisions that align with your needs and preferences.

I've got feedback!

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Police identify cop who stabbed man to death in Lagos mall, begin probe

Police identify cop who stabbed man to death in Lagos mall, begin probe

Dangote says patriotism influenced decision to reduce diesel price

Dangote says patriotism influenced decision to reduce diesel price

Rights group petitions NNPC to investigate staff member's luxury properties

Rights group petitions NNPC to investigate staff member's luxury properties

South-West farmers sign peace agreement with Fulani herdsmen

South-West farmers sign peace agreement with Fulani herdsmen

Police say parents’ too much love for children causing societal decay

Police say parents’ too much love for children causing societal decay

APC South-South executives meet to strategise for victory in Edo guber poll

APC South-South executives meet to strategise for victory in Edo guber poll

'You are not our party members' - Ganduje’s ward tells 'impersonators'

'You are not our party members' - Ganduje’s ward tells 'impersonators'

Ijaw group condemns campaign of calumny against military over Okuama killings

Ijaw group condemns campaign of calumny against military over Okuama killings

APC declares Ondo governorship primary election inconclusive

APC declares Ondo governorship primary election inconclusive

Pulse Sports

Lionel Messi's son breaks the internet after scoring five goals for Inter Miami

Lionel Messi's son breaks the internet after scoring five goals for Inter Miami

Naija Stars Abroad: Onyedika, Boniface, and Osimhen shine across Europe

Naija Stars Abroad: Onyedika, Boniface, and Osimhen shine across Europe

Victor Osimhen and Tobi Amusan make list of Forbes’ 30 under 30 Class of 2024

Victor Osimhen and Tobi Amusan make list of Forbes’ 30 under 30 Class of 2024

ADVERTISEMENT
ADVERTISEMENT