The Governor of Abia State, Alex Otti, has stated that the continuous decline of the naira’s value in the Forex market is due to the excessive printing of money by the federal government. Otti made this revelation during an interview on Channel TV’s Politics Today on Thursday.
He suggested that the major issue facing Nigeria’s leaders in reviving the country’s economy is a lack of financial discipline. The Abia governor further advised the nation to shift from consumption to production to allow the economy to recover fully.
Otti emphasized that financial discipline is crucial in the country since the government has printed so much money that the quantity of goods available in the economy does not increase. He added that the economy must move towards production to lessen the pressure on the foreign exchange market. He also mentioned that the country should continue to consume what it produces and reduce imports as much as possible.