The present depreciation of the naira in the foreign exchange market, according to Isa Yuguda, a former governor of Bauchi State, is due to corrupt politicians who hoard dollars and keep them in their homes and overseas accounts.
Over the weekend, Yuguda made this comment during the conference in Abuja organized by Arewa New Agenda, ANA, to combat poverty in Northern Nigeria.
He went on to say that the current food crisis in the country is due in part to the fact that Nigerians are afraid for their safety and are buying food in bulk out of panic.
A planned strategy is necessary to combat poverty in Northern Nigeria, according to the ex-governor.
To address the country’s economic woes, he asked President Bola Tinubu’s economic team to implement reforms.
Additionally, he urged the federal government to take a hard look at the security situation and make investments in the field in order to address the present security threats.
Because of the current economic climate, it is quite difficult to make any comments about the issue, even if I know a lot about it.
He explained that 97% of the government’s monthly revenue goes toward paying off debt, pointing out that this is something that President Bola Tinubu inherited along with the country’s internal and foreign debt.
Regarding the country’s security situation, Yuguda urged President Tinubu to put money into security, saying that this would solve the country’s food crisis.
The previous governor justified the elimination of fuel subsidies by claiming that widespread corruption in the oil industry had made it such that just a small number of countries were reaping the benefits of the federal government’s handout.