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.
Daily Trust reports that former administration of President Muhammadu Buhari had borrowed N22.7 trillion in ways and means from the Central Bank which was subsequently followed by another N7 trillion borrowing by the current administration of President Bola Ahmed Tinubu
Moghalu disclosed this while delivering his keynote address at the annual LEADERSHIP Conference and Awards 2023, holding 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, blotted ways and means of the CBN, blotted budget which has paved way for unprecedented corruption.”
He added that the fiscal side side of the government has failed over the years which is why the CBN has been overwhelmed.
Moghalu added that with 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.
