Why There Is Surge In Dollar Value Against Naira – Isa Yuguda

The recent depreciation of the naira in the foreign exchange market, according to Isa Yuguda, a former governor of Bauchi State, is the result of corrupt politicians hoarding dollars and storing them in their homes and foreign bank accounts.

He added that panicked purchases and stockpiling of food items by Nigerians were contributing factors to the current food crisis the nation is experiencing.

Yuguda made these remarks at the symposium on combating poverty in Northern Nigeria that Arewa New Agenda, or ANA, organized over the weekend in Abuja.

The former governor believes that addressing poverty in Northern Nigeria requires a methodical approach.

He called on the economic team of the President Tinubu’s government to come up with policies that would address the economic challenges across the country.

He also called on the federal government to look critically and invest in the area of security in order to tackle the current security challenges facing the country.

Yuguda said: “To comment on the economic situation at this point, having known so much, is very difficult because of the state of the economy.

”What President Bola Tinubu inherited, looking at the debt portfolio, local, external debt, even our debt service ratio, which is in the ratio of almost 97%, means that every month what ever we collect 97% goes to debt service.

“So can you run an economy of a country with 3% revenue? It’s not possible, only that we are bogged down with external debt . The problems are monumental and we are praying for the manager of the economy to do their best and guide Mr president on how to get a quick turnaround.

“Also looking at our debt profile, if you notice the budget, about N8 trillion is dedicated to debt servicing. Why should we be paying debt? What have we shown for the debt we have incurred? Nothing.

“For now, we have very competent minister of finance, I believe he will come up with good policies that will give the country a good turn around.” [CONTINUE READING HERE]