Governor, Godwin Emefiele, from the continued depreciation of the naira at the foreign exchange market .
“How is it the fault of any CBN Governor or the CBN itself that the country cannot refine her crude for local consumption, at least? Is CBN in charge of the refineries? Does CBN sell our crude oil? Is it the fault of CBN that Nigerians import rice, cereals, toothpick, tomato paste, beans, wheat and other basic products and agriculture produce, all of which can easily be produced in the country?“Recall that in 2018, Nigeria spent N13.1 trillion on imports; in 2019, the figure climbed to N16.
Noting that a huge chunk of forex is expended on the importation of petrol and other refined petroleum products, NSEF said it is not the duty of Emefiele or CBN to redress this anomaly of spending huge forex to import petroleum products that could easily have been produced at home if the refineries were functional.
It's my fault... Come and beat me
We know, it's because of the excessive borrowing
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