Nigeria’s debt profile now at $7.8trn, heightens nation’s inflation –Moghalu

Former Deputy Governor, Central Bank of Nigeria (CBN), Prof Kingsley Moghalu has lamented about the country’s debt profile which he said has reached 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 has been borrowing 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.