Nkiru Nwagbo

Former Central Bank of Nigeria Deputy governor Prof Kingsley Moghalu yesterday announced that the country's debt profile has reached the sum of 7.8 trillion dollars in the last three years.

Moghalu who disclosed this at Nnamdi Azikiwe University during the Kwechiri Political summit lamented that the level at which the federal government goes at borrowing is one that has heightened the inflation rate in the country.

According to him "It is sad and very unfortunate that our government is neck deep into borrowing from the Central Bank without generating revenue and this has affected the inflation rate in our country.

"We witnessed economic stability during my five years as the Deputy Governor of the Central Bank of Nigeria between 2009 and 2014 and we tried as much as possible to maintain stability in our banking system.

Continuing Moghalu lamented the Insecurity state of the country calling for the scrapping of security votes for the country and the states of the federation.

His words "When you understudy the level of Insecurity in the country one begin to wonder what our government is doing with the huge sum of money budgeted as security vote.

"The rate of Killings and blood letting in Nigeria goes to question the responsiveness of government in ensuring the security of lives and property in the country.

"Against this backdrop we call for the scrapping of security votes becomes they are not being use for the purposes of securing lives and property of Nigerians" he added.

Also speaking the Anambra South Coordinator of "Kwechiri n' ogabiru Anambra" Mr Uzodima Nzeribe said that the body had to start the process of public discuss to sensitize and stimulate the polity for good governance and true democracy.

He said that the group has 8 point agenda which include advocacy for consistent local government election, cancellation of security votes, no oversea trip for elected and appointed office holders among other things.

Fake news.

The OP doesn't know what $7.8 trillion is.

Maybe N7.8 trillion or $7.8B

Who will pay for this nonsense in future?

Simplyleo:
Fake news.

The OP doesn't know what $7.8 trillion is.

Maybe N7.8 trillion or $7.8B

Most of these guys are complete illiterate. $7.8trillion. A joker of OP

Nigeria and debt be like Messi and Barcelona

Simplyleo:
Fake news.

The OP doesn't know what $7.8 trillion is.

Maybe N7.8 trillion or $7.8B

That's the first thing I noticed about the article. Nigeria hasen't even earned half that amount from oil sales since 1960.

Viva LA president buhaeri, 2023 is sure

Which kind lie be this.

Data that is publicly available.

7.8 trillion debt

Mbok, you will say anything to get votes

Maybe he wanted to write/say $78 billion. No country or organization would loan Nigeria one kobo if they know Nigeria is owning even as little as $200 billion

Eww! No wonder US ignored them and gave other countries covid19 funds last week. Senile old brai₦dead people, who are supposed to be in elderly homes, ruling the country like we are in 1914.

"It is sad and very unfortunate that our government is neck deep into borrowing from the Central Bank without generating revenue and this has affected the inflation rate in our country.

$7.8T or are you joking? Well, continuous borrowing is not a sound economic policy as debt servicing is not debts payment.

[quote author=okeychris post=102935767]
Nkiru Nwagbo

Op you sure say you go school?
7.8 trillion dollars in last three year and you no get at least 10m naira for Free in your account
Fake fake news

With nothing to show for it

I noticed that fake news always emanating from southeast.

Buhari is really doing well.