PM NEWS
But for prayers, the value of Nigerian currency, the naira would have crashed up to I0, O00 to a dollar, the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor E.A. Adeboye, has claimed.
Adeboye, according to The Guardian newspaper made the claim while speaking at the Special Holy Ghost Congress in Abuja on Thursday.
The RCCCG General Overseer has also at the event attributed Nigeria’s economic problems to reliance on petroleum products as the main source of revenue.
He noted that while Nigeria is an oil producing country, the government has over the years relied on importation to meet the country’s need for refined petroleum products.
Adeboye noted that previous attempts to make the country’s refineries work did not yield any fruit.
He also spoke on the controversies that have trailed the move by the Tinubu’s administration to end fuel subsidy.
He added that Nigeria needs help to overcome its economic challenges.
He said “Before our current president took office, we were aware that the root of our financial issues lay in the importation of petrol. Despite having oil, we continued to import petrol and waste billions on refineries that did not operate effectively.
“When the president cancelled the subsidy on petrol imports, those who benefited from it became upset and created more problems.”
He added that as the naira continued to decline rapidly, he and others prayed and the slide of the currency to the dollar was halted
“If God hadn’t intervened, $1 could have been worth N10,000 by now. This illustrates how much we need prayers,” he said.
The naira has declined in value from less about 400 to one dollar to the current rate of about 170 to one dollar since President Tinubu took over on 29, May, 2023.
Also, the pump price of petrol has ballooned from less than N200 per liter to over N1000 per liter across the country.
THIS STORY FIRST APPEARED IN PM NEWS