Abia State governor, Alex Otti, has voiced concern over the drastic depreciation of the Nigerian naira, attributing it to what he described as excessive printing of money by the Federal Government.
During an interview on Channels Television’s Politics Today, Governor Otti expressed his dismay at the state of the economy, highlighting the alarming amount of money printed by the government.
“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,” he stated.
Governor Otti cautioned against the misconception that increasing the quantity of money in circulation directly correlates with economic growth.
He emphasized the need for a shift from consumption-driven policies to a focus on production to stimulate economic recovery.
“The issue of production versus consumption is paramount. If the economy must recover, we must move to production,” the governor emphasized.
Governor Otti criticized Nigeria’s heavy reliance on imports, stressing the importance of domestic production to alleviate pressure on the foreign exchange market.
“This does not necessarily mean reducing consumption; rather, it entails consuming what we produce. Importing virtually everything puts undue pressure on the foreign exchange market,” he elaborated.
