Nigerian governors have urged the federal government to immediately put an end to the Central Bank of Nigeria’s financing of the government’s budgetary expenditures as part of a coordinated effort to rescue the nation from fiscal collapse.
The governors, who made the proposal at a meeting with President Muhammadu Buhari in July, also urged the government to convert the N19 trillion Ways and Means outstanding loans obtained from the CBN into a 100-year bond with a proposed interest of one per cent.
Officials familiar with details of the meeting, who spoke to PREMIUM TIMES, explained that the governors were concerned about the deteriorating state of the economy and a proposal to restore fiscal discipline was presented to the federal government.
The governors lamented that the dollar exchange rate had deteriorated from N197 (and N300 at the parallel market) to N410 (and N652 at the parallel market) under the watch of the Buhari government.
One of the governors expressed…