Seun Onigbinde, Founder of BudgIT, said the Central Bank of Nigeria (CBN) has been hijacked by the Federal Government by using it to fund extra-budgetary expenditures.
“There is a significant issue; the economy is failing. Growth is slow, and leadership is actually lacking, Onigbinde made this remark in Lagos at the BudgIT Active Citizens Award’s inaugural ceremony.
“CBN has been hijacked and used as a funnel to provide extra-budgeting funding for the government and that has led to a significant level of inflation, this cannot continue.
“The budget is not well implemented. It could be better but we are not doing well. It is not effective.
I think the fundamental issue is that we’re not planning; we just spend. The quality of our planning compared to what is being delivered is very weak.”
Nigeria’s inflation rate in the month of July 2022 rose to a 17-year high of 19.64 percent. This compares to 18.6 percent recorded in the previous month of June 2022.
Nigeria’s debts have increased by almost N4 trillion over the last five months, to N45.25 trillion, a review of official records from the Debt Management Office (DMO) and Central Bank of Nigeria (CBN) has shown.
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