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2022 budget: We need a sustainable exchange rate to survive in Nigeria -Sen Sekibo

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…says if 2016 rate of N197 to a dollar was sustainable 2022 budget would have been $83bn not $39bn

By Emman Ovuakporie

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Senator George Sekibo on Thursday said Nigeria’s inability to come up with a sustainable exchange rate is one of the major problems confronting the country.

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The Senator representing Rivers East Senatorial District using exchange rates between 2016 and 2019 in his analogy said:

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“If the exchange is N197 as it was in 2016 the budget of N16trn would have been $83bn and not $39b and in the worst case scenario if the exchange rate is N306 as it was in 2019 the budget would have been $53bn.

He further explained that”Alternatively, today N16trn is equivalent to N7trn plus if it were in 2016 and N12trn plus as is in 2019”.

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“The instability of the exchange rate has been detrimental to huge trillion budget resulting to huge deficit and borrowing to sustain our economy”.

He advised that for Nigeria to survive”we must develop strong economic policy to stabilise our exchange rate.

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“The instability of the exchange rate has been detrimental to huge trillion budget resulting to huge deficit and borrowing.

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