I have been saying this from day one. Tinubu is the cause of the financial problem and economic breakdown in Nigeria. Tinubu advised Buhari and CBN to print more cash during COVID-19 and as soon as he won the presidency, is like he clutched on printing cash Argentine present is banning and criminalizing printing cash with big success.

Governor Alex Otti of Abia State says the reason we are experiencing incessant free fall of the naira was because the Federal Government printed too much money in circulation.

Otti stated this during an interview on Channels Television’s Politics Today on Thursday.

He said, “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.”

The governor said the nation must move from consumption to production for the economy to recover.

He said a situation where Nigeria imports virtually every product piles much pressure on the foreign market.

Otti said, “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

Production is the key word. That is our only source of revival. These FG knows this, yet....

Houseontherock1:
The excess naira printed are with you and your co-polithiefcians and not the common man. This was what Emefailure said before he mopped up the little cash circulating within the ordinary people (the only casualties of his dumb policy)...till date, they didn't mop up a Kobo from any polithiefcian and they've used it all to buy dollars.

FOR YOUR INFOMATION HE IS NOT A POLITICIAN, HE TOOK DIAMOND BANK FROM A ZERO LEVEL AND PLACED DIAMOND BANK TO WHERE IT WAS THEN, EVEN WHEN HE HANDED OVER DIAMOND BANK TO IT'S OWNER AGAINST THE OWNERS WISH, THE THEN ONWER OF DIAMOND NOW HANDED OVER TO HIS SON WHO MISMANAGED THE BANK.

FOR YOU TO CALL ALEX OTTI A CORE POLITICIAN MEANS YOU KNOW NOTHING ABOUT HIM. BEFORE HE WAS ELECTED AND SWORN IN AS ABIA GOVERNOR, HE HAS FLOATED HIS OWN BANK "THE SIGNATURE BANK" I WILL PREFER YOU CALL HIM A TECHNOCRAT AND NOT A POLITICAN SIR.

Alex Otti, a former Group Managing Director/Chief Executive Officer of the erstwhile Diamond Bank Plc, is the founder and promoter of Signature Bank, which formally opened its doors to business on Monday, November 21, 2022 in Abuja, Nigeria's Federal Capital Territory.

For money wey man no see spend. Mtchew

bigpriik:
they will come and attack him now just watch.

Has he said anything new?

DEmejioba1:


When they decide to mop up currencies now,you people will still be shouting shouting

Oga, is that the issue?

The country is bleeding and experts are proffering solutions but all you do is make silly comments.
.

pocom16:
It's not about printing too much money..

The naira was floated simple..


https://www.youtube.com/watch?v=Ipv0Mt75Ipk

Naira had to be floated bcoz you don't expect Tinubu to continue to subsidize dollars to save Naira from sliding down against the dollar.

Buhari was spending $1.5b monthly to hold Naira, and Tinubu said he was not ready to do such hence the free fall.

Splashme:
So, why is CBN increasing interest rate?

The CBN and fed govt know about the fraudulent deals between them but chose to purnish business owners by increasing interest rates.

That mumu Cardoso and his thieving godfather in Aso Rock ...

Abacha's corruption will be a child's play by the time Tinubu finishes with Nigeria

I swear this Tinubu has a heart of rock he doesn't have human feelings I laughed at his stupid followers that are always heaping praises on every stupid policies they made

brightovio007:
Not true Sir, the economy is built on foreign remittance, for instance our loved ones overseas sent money home, likewise internet fraudsters cashing out from client here too.

most every fowl and bird comment in this forum if I may ask !

Sheuns:
Everyone keeps shouting production, production, production. Amenities that will aid production aren’t put in place by the government. A producer in most cases provides his own electricity, water, funds with little or no government supports.

How do you expect such factories to survive when there are cheaper imported substitutes?

In most cases it is cheaper to import a product and resell than to produce that same product here, simply because cost of production is too high in Nigeria.

Your argument doesn't nullify the fact that we must bite that production bullet sooner or later. The solutions are simple but are our leaders ready to forgo that corruption money ?

Lumarstone:
One thing I like about Alex Otti, the governor of Abia State is that all his educational credentials has no question mark unlike one politician who claimed he made first class degree in accounting without SSCE.

Abi o and he’s also not a 3rd class dullard like your lord and savior. He has a better chance of winning my unwavering support and vote than Agulu thief cum statistician

JoshTim:


Lol, what is the export value of the products being produced over there? Sub-standard products that cannot even be exported to ordinary cotonue.

If they’re sub-standard as you’ve said, then why did Nigeria army order 50k pairs of boots from them and how are some inferior Chinese products you may happily buy better ?

https://www.nairaland.com/3441720/made-aba-boots-nigerian-army

Stop sales in dollar, let every buyerbuy in Naira, they should be the one looking for Naira with their dollar.

Reduce buy foreign goods, buy more Nigerian and encourage our vendor to replicate their products inside Nigeria. Encourage production of finished products within Nigeria, vehicles, tyres, computers, iron, building materials, lithium batteries, silicon chips, electric wires, switches, accessories, etc

Remove 500 and 1000 notes from Naira so strengthen Naira value, make it difficult to carry physical money and improve e naira transfer audits and employ strong legal system against theives and corrupt leaders

Non should be allowed to export only natural product unless they refine and improve it status to 70 percent, like lithium to batteries, crude oil to AGO, PMS, DPC, aviation oil, lpg, etc b4 they allowed to export a percentage of products.

Anyone with oversea account should be made to face CBN registration of the account and any country that encourage capital flight at the detriment of Nigeria should be sanctioned.

We should know our enemies countries that encourage thieves of our resources.

VinnyBaba:


Which is Ebola Tinubu.

Hope you are not his Supporter? 😏

Thunder fire him, your worst enemy, and Desmond Ed..iot.

brightovio007:
Not true Sir, the economy is built on foreign remittance, for instance our loved ones overseas sent money home, likewise internet fraudsters cashing out from client here too.

Someone who I believe should have a degree in economics and worked all his life in finance is telling you something, with a well articulated explanation but you choose to argue without any knowledge of economics.

Why are you guys like this.

unbiased2021:


If they’re sub-standard as you’ve said, then why did Nigeria army order 50k pairs of boots from them and how are some inferior Chinese products you may happily buy better ?

https://www.nairaland.com/3441720/made-aba-boots-nigerian-army

If they aren't substandard, name the countries they have been exported

Giftedhand47:
They should pump more money into the street

Must these bigots comment on sensitive topics. i guess you want to pick the exchange at N10,000 to a dollar,

pocom16:
It's not about printing too much money..

The naira was floated simple..
A country that imports more than she exports..such a currency can't gain value ..

Until we find a way to increase dollar inflow through more exports..or we cut down substantial amount of import.. the naira will still continue to nosedive..


https://www.youtube.com/watch?v=Ipv0Mt75Ipk

What did you just say at the bolded. why have you guys refused to think and learn. just like your government. how can you make such statement at all. So, you are trying to tell me that if for instance the value of the Nigerian economy all goods are services in valued at about N10billion for instances and the CBN go ahead to print a N100b instead of N10b you are saying the currency value will not go down. Even if we are producing everything, we consume in this country as long as the government keeps printing money recklessly the value of the Niara will keep nosediving and believe you me it will get to a state when manufacturer will no longer accept the Naira as a legal tender because it is everywhere like toilet paper. What is money in the first place? that piece of paper you are holding in your hand is not the true value of money, but the value of goods and service it can get you, that is what defines its true value.
Remember one very important property of money is that it is scarce not litter everywhere like pure water.

H2ho:
Obaseki said it in 2022….we seeing the aftermath now.

Exactly and I have been shouting about it on this forum for ages now. but some agbado supporters choose to believe some lies they were told by their mini god.

JoshTim:
Kindly ask Mr. Otti what his government is doing in term of inititatives to drive/encourage/attract/part fund local production or them dey forbid state government to create and enable local production?....He should start with Aba; how do we startardize local outputs?

Even if Mr Otti turn Abia to an industrial hub with massive export and all the 36 states start exporting massively and your useless Tinubu continue his massive printing spree of the Naira the currency will continue to nosedive. Do you think the USA and UK print pounds and dollars whenever they have the need to pay salaries. Then what are taxes for. You all saw a man whom you knew advised Buhari to print excess naira to pay salaries and you all went to vote for him. so you all never knew he will print the naira recklessly. make una dey play.

ImoleNaija:
Printed too much?

Old notes or new notes

They are increasing the amount of the naira in circulation. this is not about old or new note. in a sane clime when the government wants to get rid of old currency notes, they first of all receive the old note in their vault then print new notes with the same value as the old one and then proceed to destroy the old one in their possession. you do not allow both currencies to be used side by side. but what do i expect from a dumb president.

amadiwati:
Production is the key word. That is our only source of revival. These FG knows this, yet....

That is a long term plan. on the short run they should remove the excess naira that they printed. i do not mean the physical note alone i means also the ones in their bank account, afterall they were the ones who printed those money we were not involved. they should mop the ones in their bank account and burn the coins. crypto experts know what i am talking about when tokens are burnt the value of the token goes up. even the almighty binance did the same thing some's years ago with their BNB, the burnt some BNB token and the value of the BNB went over the roof.

DEmejioba1:


When they decide to mop up currencies now,you people will still be shouting shouting

Currency is not only the physical note what about the enaira? what about the naira in their bank accounts. They should mop up the excess naira they printed to pay salaries both from the government account and the ones in circulation and watch how the naira gains value overnight.

Tareq1105:


Naira had to be floated bcoz you don't expect Tinubu to continue to subsidize dollars to save Naira from sliding down against the dollar.

Buhari was spending $1.5b monthly to hold Naira, and Tinubu said he was not ready to do such hence the free fall.

Then tell him to mop up the excess naira he printed recklessly.

Simonjef:
Yet there is scarcity of Money even in the street an banking Hall

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Make una try dey understanding.

Printing of money does not necessarily mean printing paper monies. Its could be digital. The CBN can print money,I.e, increase money in the system without printing on a single paper. It could be digital.

N1t could be printed digitally and credited in your accts without any paper money being printed. And boom you'd be worth a trillion with credit alert.

Get it!

ImoleNaija:
Printed too much?

Old notes or new notes

CBN dont need to print notes. Its mostly digital

fxexperts:
Must these bigots comment on sensitive topics. i guess you want to pick the exchange at N10,000 to a dollar,

What did you just say at the bolded. why have you guys refused to think and learn. just like your government. how can you make such statement at all. So, you are trying to tell me that if for instance the value of the Nigerian economy all goods are services in valued at about N10billion for instances and the CBN go ahead to print a N100b instead of N10b you are saying the currency value will not go down. Even if we are producing everything, we consume in this country as long as the government keeps printing money recklessly the value of the Niara will keep nosediving and believe you me it will get to a state when manufacturer will no longer accept the Naira as a legal tender because it is everywhere like toilet paper. What is money in the first place? that piece of paper you are holding in your hand is not the true value of money, but the value of goods and service it can get you, that is what defines its true value.
Remember one very important property of money is that it is scarce not litter everywhere like pure water.

Everyone with their opinion..
Emiefele printed so much money...yet he tried to withdraw most of them causing naira scarcity..

Why then didn't the naira gain value when there were so little naira in circulation during the election..


Abegiii..
Is it today CBN started printing money?

Continue spending 45% of Ur reserve importing petroleum products... key importing every damn item from food to toothpicks ...and then reduce money in circulation let see how fa..

If the money in circulation is too much...why can't cardi B shutdown printing for now

Yea ..printed too much money and white elephant projects are too much ..common sense ..🤔

This happened under our darling daddy.

post=128718393:

This is collosal mehn.

pll

[quote author=Lumarstone post=128718145]One thing I like about Alex Otti, the governor of Abia State is that all his educational credentials has no question mark unlike one politician who claimed he made first class degree in accounting without SSCE.[you
are
still
here.?
life
has
passed
this
stage.
wake
up
man!!]

pocom16:


Everyone with their opinion..
Emiefele printed so much money...yet he tried to withdraw most of them causing naira scarcity..

Why then didn't the naira gain value when there were so little naira in circulation during the election..


Abegiii..
Is it today CBN started printing money?

Continue spending 45% of Ur reserve importing petroleum products... key importing every damn item from food to toothpicks ...and then reduce money in circulation let see how fa..

If the money in circulation is too much...why can't cardi B shutdown printing for now

Mind you. Emefielefe never reduced money in circulation, he only made it difficult for Nigerians to spend their money. As you can see then he made the naira note to have more value than the actual naira itself. So why paper money was scarce there was a lot of money through e-channels. I do not know why you guys do not understand the real concept of money. I do not know how you guys think that a government can just wake up and print excess money and you expect the currency to retain its value. If it is that simple all the government of the world will just be printing money anyhow and stop focusing on any form of governance and taxation na. your economy is only valued for let say N30 billion and then you go ahead to print N100b naira, and you think the currency value will remain the same. Oga. How will you feel if after you spend all your years working in your farm and some guys from the government just keep printing paper to collect all your produce.