Former deputy governor, Financial Systems Stability at the Central Bank of Nigeria, Kingsley Moghalu, has described the N30 trillion Ways and Means borrowings by the Federal Government as a grand corruption scheme.
Recall that the immediate past administration of President Muhammadu Buhari had borrowed N22.7 trillion in Ways and Means from the CBN, which was subsequently followed by another N7 trillion borrowing by the current administration of President Bola Tinubu.
Moghalu spoke while delivering his keynote address at the annual LEADERSHIP Conference and Awards 2023, held in Abuja, on Tuesday.
According to Moghalu, “We should not be surprised that there is hunger and anger in the land because the past 10 years have been marked by many economic mismanagement, blotted Ways and Means means of the CBN, blotted budget which has paved way for unprecedented corruption.”
The former CBN deputy governor added that the fiscal side of the government had failed over the years, which is why the apex bank has been overwhelmed.
Moghalu further stated that Nigeria will not just step out of the current economic crisis regardless of short term measures, saying recovery would last at least three to five years.