A former deputy governor of the Central Bank of Nigeria (CBN), Prof. Kingsley Moghalu, has said that the foundation of the current economic crisis in Nigeria was laid by the mismanagement and unprecedented corruption that took place under the leadership of former President Muhammadu Buhari.
Moghalu disclosed this while delivering his keynote address at the annual LEADERSHIP Conference and Awards 2023, holding in Abuja, on Tuesday.
He also described the N30trillion Ways and Means granted to the Buhari government by the CBN under the immediate-past Governor of the apex bank, Godwin Emefiele, as an “unprecedented corruption” in the country, adding that the President Bola Tinubu administration also made costly mistakes, which exacerbated the current crisis.
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 and unprecedented corruption.”
He, however, said the Nigerian economy will resurate if the authorities were able to fix the fundamentals, namely; cost push inflation, insecurity, guarantee access to finance, build stable power supply and wake up the fiscal segment of the economy.
He said Nigeria must not waste the present economic crisis to solve the economic challenges facing the nation.
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