FG Printed Too Much Money — Governor Otti Laments Over The Naira's Free Fall [VIDEO]

Alex Otti, Abia State Governor

The governor of Abia State, Alex Otti, bemoaned the naira's free fall, claiming that the Federal Government printed too much money to be in circulation.

This was said by the governor on Thursday in an interview with Politics Today on Channels Television.

“I believe that the major problem we have is financial discipline. We are dealing with an economy where we printed so much money, at the last count, we will be nearing N30 trillion,” he said.

“So what happens with ways and means is that the quantum of goods that you have available in an economy does not increase with the quantity of money that you print.”

From Consumption to Production 

The governor stated in the interview that for the economy to recover, the country needs to shift from consumption to production.

He criticized the situation, saying it puts a lot of pressure on the foreign market, in which the largest economy in Africa imports almost every good.

“The issue of production versus consumption, if the economy must recover, we must move to production.

“That does not necessarily mean we will reduce consumption. What it means is that we will be consuming what we produce, to the extent that we are importing virtually everything. You keep piling pressure on the foreign exchange market,” he said.

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🎥 Credit: Channel TV