Abia State Governor, Alex Otti has faulted the federal government FG for printing too much money in circulation leading to the incessant free fall of the naira.
Otti said this during an interview on Channels Television’s Politics Today on Thursday, where he emphasized the cause of the economic hardship in the nation.
He said, “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.
“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.”
The governor, who lamented the high import rate of the nation, noted that the major solution to the free falling is a drastic move from consumption to production for the economy to recover.
“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 can’t produce, to the extent that we are importing virtually everything. You keep piling pressure on the foreign exchange market,” he noted.
