Buhari’s government is owing a staggering sum of $7.8 trillion in three years

An ex-Deputy Governor of the Central Bank of Nigeria, Prof Kingsley Moghalu, has revealed that Nigeria’s debt profile has reached a rooftop of $7.8 trillion in three years.

He said President Muhammadu Buhari’s regime of borrowing was responsible for the high level of inflation in the country.

The banker gave this revelation at the Nnamdi Azikiwe University during the Kwechiri Political summit on Monday.

He lamented that the level at which the Federal Government goes a borrowing is one that has heightened the inflation rate in the country.

According to him, Nigeria has the highest inflation and unemployment rate in the world while he regretted at the endless borrowing by the government.

“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.

Moghalu said the country stabilised economically during the five years he spent as Deputy governor of the Central Bank of Nigeria between 2019 and 2014 as a result of their efforts to stabilise the banking system.

He called on President Muhammadu Buhari’s government to scrap security votes of governors, saying that insecurity in the nation was worrisome despite the security votes.

He said: “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.

He reasoned that government was not alive to its responsibility of securing the nation, a situation he posited, led to massive killings of citizens and endless blood letting.

“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.”

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 sensitise and stimulate the polity for good governance and true democracy.

He said that the group has an eight-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.