This he said, was necessitated due to the fact that there was very little cash flow in the federation account on a monthly basis.
Nigerians had reacted to this calling it an aberration and a show of incompetence by the FG as they could not discover new means of having cash inflow apart from the oil-based accounts.
The fact that the FG had resorted to print more cash also showed that there was going to be an economic crunch later which would result in inflation.
Some interested parties also had suggested the need for state governors to look inwards into their states and discover new methods of making money rather than going to Abuja every month to seek allocation.
These 4 things should immediately be put into consideration by the FG if they want to stop this new method of printing money to service debts and for allocations:
1, Cut the cost of governance
At the moment, Nigeria has one of the largest costs of governance worldwide as it includes salaries of the executive and house of assembly members. There has been a lot of debates about reducing the salaries of senators and house of reps members which average at about 12million monthly for senators and about N9 Million for the house of reps members
2, Reduce the Number Of ministries and collapse dual functioning parastatals.
A trip to some ministries will show the lack of functions and irrelevance of the ministries which is due to fact that the ministries or parastatals are carrying out dual functions and as such, should be scrapped.
Nigeria keeps on forming many ministries when there is not even enough funding for the previously formed minsyris and parastatals.
The country can save enough money by collapsing such ministries and dissolving the irrelevant ones.
3, True federalism and Restructuring.
As long as all 36 state governors look up to the center for their monthly allocations, it will be difficult for the states to produce anything.
All the regions are known for a particular product but oil money has blocked a lot of our leaders from seating down and formulating policies that will strengthen manufacturing industries in the regions.
The FG should, therefore, strengthen the calls for true federalism and also, support restructuring so each region can grow what they eat and also, work for its economy.
For Nigeria to print money to solve a domestic issue is a sure way to inflation.
Some people have compared the fact that even the US also prints money but comparing the printing of united states dollars which is a global reserve currency and also, somewhat impossible to devalue, with the printing of the Naira which holds no strong value, is a sure misplacement of economic orientation.
Nigeria needs a strong-willed leadership that will make this possible.
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