N30trn ways and means mother of all corruption – Moghalu
A former deputy governor, Financial Systems Stability at the Central Bank of Nigeria (CBN), Kingsley Moghalu, says the 30 trillion ways and means borrowings by the federal government is a grand corruption scheme.
The administration of President Muhammadu Buhari had borrowed over N23 trillion in ways and means which has so far accumulated an interest of N7 trillion naira making the total sum to N30 trillion.
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Moghalu disclosed this while delivering his keynote address at the annual LEADERSHIP Conference and Awards 2023 which held in Abuja, on Tuesday.
Moghalu said: “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, bloatted ways and means of the CBN, bloatted budget which has paved way for unprecedented corruption.”
He added that the fiscal side of the government has failed over the years which is why the CBN has been overwhelmed.
Moghalu added that Nigeria will not just step out of the current economic crisis regardless of short term measures as it will last at least three to five years.
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