BugIT accuses FG of hijacking CBN

The Founder of BudgIT, Seun Onigbinde, has accused the Federal Government of hijacking the Central Bank of Nigeria (CBN) and using the apex bank to provide extra-budgeting funding for the government.

Onigbinde made the comment in Lagos at the first edition of BudgIT Active Citizens Award. He said: “There is a big problem; the economy is not working and we are all aware of it. Growth is sluggish; in reality, leadership is absent.
This is the time Nigeria should be maximising the production of crude but we are producing far below the OPEC quota. This is the first time oil production has fallen below one million barrels per day and it is painful that we are unable to increase production.

“CBN has been hijacked and used as a funnel to provide extra-budgeting funding for the government and that has led to a significant level of inflation, this cannot continue.

“The budget is not well implemented. It could be better but we are not doing well. It is not effective. I think the fundamental issue is that we’re not planning; we just spend. The quality of our planning compared to what is being delivered is very weak.”