According to economist and CEO of CFG Advisory Tilewa Adebajo, the presidency tried to securitize the 23.7 billion naira from the senate last year but was forced to back down due to widespread opposition.
According to Mr. Adebajo, who appeared on Thursday’s episode of ARISE News The First 10 Years, the house approved a trillion for the budget deficit this year despite the senate refusing to act. Then, out of pure curiosity, he inquired as to how the House could approve the illegal request from the Presidency. It should not have been legal to pass a trillion naira.
The limit for revenue financing is one trillion naira, and as of right now, it is at 27.3 trillion naira, according to Mr. Adebajo, adding to the illegality of this funding.
He continued by saying that the CBN Act is crystal clear regarding the restrictions that the Federal Government can impose on ways and means financing. 90% of our income is spent on unsustainable debt servicing, and the CBN is to blame for this financial crisis because it has broken its Act.
Watch the interview;
