There has been so much blame game lately about who is to blame about the devaluation of the naira. As you may well know by now people are asking why Nigeria didn’t save all along in anticipation of a plunge in oil prices. We have been at above $100 per barrel for years and should forseen this slide.
Anyway, the blame is on and the Minister of Finance just fired the first shot at the Governors. Here is what she had to say at a recent event.
*The jibe on states is highlighted*
“Some of it (the ECA) was then legitimately used to offset revenue shortfalls arising from quantity shocks and to narrow the fiscal deficit,” she said. “But against our advice, significant portions were also used to augment monthly allocations,” to local and state authorities.
“States argued that rainy days were already at hand and in fact (the rain) was already pouring, so the money needed to be used right away,”