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How Governors caused lack of Savings in Nigeria – Prof. Soludo

Former Governor of Central Bank of Nigeria (CBN), Prof. Chukwuma Soludo has narrated how the state governors frustrated federal government efforts to save for the rainy day.

Soludo who gave an insight on how the Governors frustrated efforts to create excess crude account at a Zoom Conference organised by Transform Nigeria Citizens Initiative (TNCI) and Concerned Nigerians Forum (CNF) said the governors argued that the Excess Crude Account is against Section 162 of the Constitution.

The virtual conference titled, “Covid-19 and oil price crash, its implications for Nigeria”, was held on Friday, 01 May 2020.

The former CBN Governor said, “When the issue of Excess Crude Account came up while I was in office, the governors were saying no, no, it is against the Constitution, we should give them their money.

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“I remember one day at the National Economic Council (NEC) meeting, I was making a power point presentation regarding the benefit of saving for the rainy day, there is a governor, in one of the state – each time I see him now I use to tease him – he said, Governor of CBN give us our money, it is already flooding here and you are talking about rainy day. It is already flooding in my state.”

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