The lawmaker representing Kogi West, Dino Melaye, Wednesday alerted the nation during Senate plenary that the country’s aggregate debt status was over $40 billion.
The fiery lawmaker hinted that there are strong indices for the devaluation of the Naira to dollar someday. On this premise, he wondered on the practical feasibility of how the 2019 budget could be funded as he claimed that the nation no longer have any foreign reserves. “Crude oil price has dropped from $60 to $50 dollars. Besides, the Internally Generated Revenue of the Federal Government has reduced following the drop in the revenue generation of the Nigeria Customs.“As we speak Nigeria has $23 billion foreign debt and over $20 billion domestic debt. By May, naira will be N500 per dollar.
Dino? Hogwash!