A former deputy governor, Financial Systems Stability at the Central Bank of Nigeria (CBN), Kingsley Moghalu, has described has grand corruption the 30 trillion ways and means borrowings by the federal government from the apex bank.

Recall that former administration of President Muhammadu Buhari had borrowed N22.7 trillion in ways and means from the Central Bank which was subsequently followed by another N7 trillion borrowing by the current administration of President Bola Ahmed Tinubu.

The development has sparked concerns among citizens as they railed against the violation of extant laws guiding borrowings from the apex bank and the sheer lack of accountability on what the massive loans were used for.

Speaking on the matter and state of the nation in general, Moghalu noted that Nigeria’s economy in the last decade has been dogged by mismanagement and widespread corruption.

Moghalu said this while delivering his keynote address at the annual LEADERSHIP Conference and Awards 2023, holding in Abuja, on Tuesday.

Moghalu said: “We should not be surprised that there is hunger and anger in the land because the past 10 years have been marked by many economic mismanagement, blotted ways and means of the CBN, blotted budget which has paved way for unprecedented corruption.”

He also bemoaned the lack of progressive and people oriented fiscal policies, noting the failings of the government on the fiscal side of the economic spectrum over the years is why the CBN has been overwhelmed.

Moghalu added that with Nigeria will not just step out of the current economic crisis regardless of short term measures as it will last at least three to five years