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How Illegal Printing Of N22trn Under Buhari Compounded Nigeria’s Problem – Soludo



How Illegal Printing Of N22trn Under Buhari Compounded Nigeria's Problem - Soludo

Anambra state governor, Charles Soludo, has said President Muhammadu Buhari’s administration illegally printed over N22 trillion and amassed public debt just to stay afloat while maintaining petrol, foreign exchange (FX), and electricity subsidies.

Soludo,on Wednesday at the special edition of The Platform, an event organised by The Covenant Nation to facilitate national development said Nigeria is now paying the very high cost of delayed fiscal and structural adjustments which have seen the economy tumble with ballooning inflation, depreciation in exchange rates, and a compressed gross domestic product (GDP) in dollar terms.

“Nigeria is paying the very high cost of delayed adjustment, with escalating inflation, unsustainable debt service payments, depreciating exchange rates, rising interest rates on poverty and unemployment, a largely insolvent public finance, and compressed GDP in dollar terms,” the governor said.

“As your prices rise and the exchange rate adjusts, you are exporting nothing, whereas you have foreign exchange.

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“You have reserves of about N230 billion or thereabout, and you have money supply almost getting to N100 trillion.

“Our population is growing, while insecurity threatens food security.

“Today, the once largest economy in Africa is now the fourth, with a dollar GDP lower than in 2010 or less than 50 percent where we were in 2014.”

Speaking further on how poor the country has become, the economist said Nigeria’s N28.7 trillion ($20 billion) 2024 budget is relatively low considering the nation’s population when compared to Kenya’s 2024 budget.

“Nigeria’s 7% budget-to-GDP ratio in 2024 is one of the lowest in the world with a population of about 230 million people or $83 per person in a year, approximately $6.9 per Nigerian in a month compared to Kenya’s budget of about $31 billion for just 54 million people amounting to $574 per person in a year,” he said.

Soludo said since 2010, the combined debt and non-debt service recurrent expenditures of the federal government have consistently surpassed current revenue.

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