Abia State Governor Alex Otti has expressed concern over the devaluation of the naira, attributing it to the excessive printing of money by the Federal Government. During a interview a television interview, Governor Otti emphasized the need for financial discipline. He criticized the practice of printing large amounts of money without a corresponding increase in the production of goods and services. Governor Otti estimated that the Federal Government had printed around N30 trillion, contributing to the current economic challenges.
He also highlighted the importance of moving from a consumption-driven economy to one focused on production. According to him, Nigeria’s reliance on imports for almost every product puts immense pressure on the foreign exchange market. Governor Otti advocated for a shift towards increased production within the country to address the economic issues. He emphasized that while consumption could continue, it should align with the nation’s production capacity, reducing the dependence on imports.
“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.
