Politics
Abia State Governor Otti Reveals The Reason Behind Naira’s Free Fall
Abia State Governor Otti Reveals The Reason Behind Naira’s Free Fall....KINDLY READ THE FULL STORY HERE▶
Written By Oshiobugie John
Abia State Governor, Alex Otti, expressed deep concern over the rapid depreciation of the naira, attributing it to the excessive printing of money by the Federal Government. READ THE FULL ARTICLE HERE
In an interview on Channels Television’s Politics Today on Thursday, Governor Otti highlighted the critical issue of financial discipline plaguing the economy. He pointed out the alarming scenario where the government printed an excessive amount of money, estimated to be nearing N30 trillion.
According to Otti, the influx of money into circulation does not correspond to an increase in the availability of goods within the economy. This imbalance, fueled by the overprinting of currency, exacerbates the challenges facing the nation’s economic stability.
Transitioning from Consumption to Production
Governor Otti, a member of the Labour Party (LP), emphasized the urgent need for Nigeria to shift its economic focus from consumption to production to facilitate recovery.
He criticized the prevalent trend where Nigeria, Africa’s largest economy, heavily relies on imports for various products, putting immense strain on the foreign exchange market.
Addressing this issue, Otti stressed the importance of boosting domestic production to reduce dependence on imports. He advocated for a balanced approach that maintains consumption while prioritizing locally-produced goods, thereby alleviating pressure on foreign exchange reserves.
As Nigeria grapples with economic challenges, Governor Otti’s call for enhanced production underscores the necessity for strategic reforms to foster sustainable growth and stability.
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Source: Bushradiogist
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