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

InfoGuru118:
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.

https://platinumtimes.ng/too-much-printing-of-money-by-fg-reason-for-free-fall-of-the-naira-gov-otti/

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

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

noobody:


Scammer!!

Criminal,

Have you returned money to your scam victims??

You should be banned from nairaland.

John adetola ladipo the thief!!

......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.

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

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.

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.

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?

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.