Posted by Hon. Olasupo Abiodun, a former National Assembly member who represented the federal constituency of Iseyin, Itesiwaju, Kajola, and Iwajowa, bemoaned what he called the sorry state of affairs in Nigeria, saying the suffering under the current All Progressives Congress administration is comparable to that under the former Ugandan despot Idi Amin Dada.
The former Representative made the allusion on Saturday during a live interview on Inspiration FM in Ibadan, the capital of Oyo State.
He claims that President Muhammadu Buhari’s violations of the CBN Act and other policy crises have made Nigerians even poorer.
He criticized the monetary strategy and asserted that the country needed real leadership to get out of the current economic bind. He claimed it was inappropriate for the Presidency to support the Central Bank of Nigeria printing more currency denominations than the required 5%.
In support of his assertions, the ex-lawmaker noted that the CBN Act only enables the printing of money to address income shortfalls to the Federal Government, up to a maximum of 5% of the government’s income from the prior fiscal year.
He said that Buhari’s administration had been spending an average of N4 trillion annually, which suggests that the nation shouldn’t have gone past N800 billion, but records reveal that it had spent significantly more than that.
The Nigerian economy is in a mess right now, he added. “We are borrowing to service loans while Nigerians are dumbfounded as to where the nationally generated earnings are going. We must change the trajectory before the APC sinks this ship,” he said.