The Governor of Abia State, Alex Otti, has revealed that the reason for the continued decline of the value of the naira at the Forex market was because the federal government printed so much money.
Otti, who made this revelation while speaking on Channels TV’s Politics Today on Thursday, suggested that the major problem Nigeria leaders are facing regarding reviving the country’s economy is financial discipline.
The Abia governor further advised that the nation must shift from consumption to production for the economy to recover fully.
Otti said, “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.
“So what happens with ways and means is that the quantum of goods that you have available in an economy does not increase with the quantity of money that you print.
“The issue of production versus consumption, if the economy must recover, we must move to production.
“That does not necessarily mean we will reduce consumption; what it means is that we will be consuming what we produce, to the extent that we are importing virtually everything. You keep piling pressure on the foreign exchange market.”
