Moghalu: Former CBN Deputy Gov decries spiralling $7.8trn debt profile

Moghalu: Former CBN Deputy Gov decries spiralling $7.8trn debt profile

Former Central Bank of Nigeria Deputy Governor, Prof Kingsley Moghalu on Sunday, June 20, bemoaned the huge debt profile of the country while announcing the country’s debt has reached the sum of $7.8 trillion in the last three years.

Moghalu made this disclosure during a speech at the Nnamdi Azikiwe University; during the Kwechiri Political summit.

He 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 Moghalu, “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.”

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The presidential candidate further called for the scrapping of security votes for the country and the states of the federation.

“When you understudy the level of Insecurity in the country; one begins to wonder what our government is doing with the huge sum of money budgeted as security vote.

“The rate of killings and bloodletting 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; because they are not being used for the purposes of securing lives and property of Nigerians,” Moghalu 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 discussion; to sensitize and stimulate the polity for good governance and true democracy.

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

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