2022 Budget: We Need Sustainable Exchange Rate To Survive -Sekibo

The Senator representing Rivers East Senatorial District, Chief George Sekibo, yesterday, said Nigeria’s inability to come up with a sustainable exchange rate was one of the major problems confronting the country.
Using exchange rates between 2016 and 2019 in his analogy, Sekibo said: “If the exchange is N197 as it was in 2016 the budget of N16trillion would have been $83billion and not $39billion and in the worst case scenario if the exchange rate is N306 as it was in 2019 the budget would have been $53billion”.
He further explained that, “Alternatively, today N16trillion is equivalent to N7trillion plus if it were in 2016 and N12trillion plus as is in 2019.
“The instability of the exchange rate has been detrimental to huge trillion budgets 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.
“The instability of the exchange rate has been detrimental to huge trillion budgets resulting to huge deficit and borrowing.”