Governor Alex Otti of Abia State has attributed the continuous depreciation of the naira to the excessive printing of money by the Federal Government, estimating the total printed money to be close to N30 trillion.
In an interview on Channels Television's Politics Today, Otti expressed concern over the lack of financial discipline, highlighting that increasing the money supply without a corresponding increase in the quantity of goods exacerbates economic challenges. He emphasized the need for a shift from consumption-driven practices to production-focused strategies, advocating that the nation should prioritize domestic production to alleviate pressure on the foreign exchange market. Otti stressed that the overreliance on imports places a considerable burden on the nation's foreign reserves.
To facilitate economic recovery, he urged a transformation from a consumption-oriented economy to one centered on production, ensuring that the country consumes what it produces.
This move, according to Otti, would help balance the trade deficit and strengthen the nation's economic resilience.
