Excess money printed during Buhari’s administration responsible for depreciation of naira – Alex Otti

Excess money printed during Buhari’s administration responsible for depreciation of naira – Alex Otti

Abia State Governor Alex Otti has lamented the dramatic depreciation of the naira, whose cause he attributed to the excess money printed by the Federa

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Abia State Governor Alex Otti has lamented the dramatic depreciation of the naira, whose cause he attributed to the excess money printed by the Federal Government.

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.

Otti noted that Nigeria’s major problem is a lack of financial discipline.

“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. 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.