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I can’t pretend anymore, Nigeria is in bad situation – Emefiele shocks Nigerians – (Video)
The governor of Nigeria’s apex financial institution, Central Bank, has revealed that the country is in a very bad situation.
Godwin Emefiele, who was speaking with journalists on Thursday over the alleged printing of billions into the economy, justified the move as a normal exercise practiced in other climes to help the country’s economic situations.
His namesake, Governor Godwin Obaseki of Edo State had lamented lately last week over the minting of fifty billion naira (60 billion Naira) said Nigeria is in financial trouble.
Obaseki said the money was used to improve last month’s share of federal revenue. He also added that by running of 2021 external debt borrowed by President Mohammadu Buhari’s led administration will sum up to 15 to 16 trillion, expressed worry Nigeria may plunge into hyperinflation.
He also noted that the monies borrowed have no visible means to pay back, regarding the falling oil revenue. No one is giving attention to these problems because of the 2023 election, Obaseki lamented.
Reacting to the unfortunate development, the CBN governor, Emefiele condemned the attitude of people trying to give ‘printing’ of money wrong coloration ‘as if it’s a foreign word coming from the sky’.
He clarified that through 2015-16 Nigeria took loans to facilitate state budgets which presently piled up with recent ones due to unfortunate economic crisis, COVID-19 Pandemic, etc.
Amid challenges faced by the present government, it would be irresponsible for the apex bank to allow governments to suffer huge blows without assisting, he justified.