Former Central Bank of Nigeria Deputy governor Prof Kingsley Moghalu yesterday announced that the country’s debt profile has reached the sum of 7.8 trillion dollars in the last three years.

 

Moghalu who disclosed this at Nnamdi Azikiwe University during the Kwechiri Political summit 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 him “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.

 

Continuing Moghalu lamented the Insecurity state of the country calling for the scrapping of security votes for the country and the states of the federation.

 

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

 

“The rate of Killings and blood letting 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 becomes they are not being use for the purposes of securing lives and property of Nigerians” he 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 discuss to sensitize and stimulate the polity for good governance and true democracy.

 

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

114 thoughts on “Nigeria”s Debt Profile Hits $7.8trillion —frm CBN Deputy Moghalu.”
  1. Minister of Works and Housing, Babatunde Fashola, has come to defend the Federal Government’s resort to loans to expand infrastructure in the country.

    Fashola stated this in Abuja at NAN Forum, the flagship interview programme of the News Agency of Nigeria on Saturday.

    He stated that the country would not make meaningful progress without taking loans to boost infrastructure.

    ” It is in our own interest that government does some borrowing and spends it on investment because that sector contributes to the Gross Domestic Products and contributes to employment.

    “ I do not support irresponsible borrowing so let us be clear; there has to be some sense to this.

    “So long as you are borrowing to invest and you are investing in assets then we can have this debate from morning till night and I don’t think I will come out unsuccessful.

    “I agree everybody must keep their eyes open about how money is being borrowed, what it is being used for and whether the debt is sustainable.

    “We just delivered a rail programme through the Ministry of Transportation; that is a 100-year asset that you have got now.

    “So some economists say wait until you gather the money, that’s bad economics,” the minister said.

    Fashola also stated that the recent loans obtained by the Federal Government would not mortgage the future of Nigerians, saying the Western countries also take loans to create super economies.

  2. Am not so surprised of how they keep on borrow and we still don know where this money has been going to because, I have not see any evidence of where the money is going to..God help us.

  3. “The rate of Killings and blood letting in Nigeria goes to question the responsiveness of government in ensuring the security of lives and property in the country.

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