The Governor, Central Bank of Nigeria, Mr Godwin Emefiele has debunked the insinuations in some quarters that policies of the government were meant to benefit few in the society. He said instead, the policies were designed to serve the best interest of majority of Nigerians.
Emefiele, who was responding to concerns raised by a panelist at the Annual Media Trust Dialogue in Abuja, noted that “policies were put in place to help Nigeria pull through the hard time.” He observed that the country found itself in the present situation due to lack of appropriate commitment to economic diversification, especially when the earnings from oil were as high as $140 per barrel.
He noted that earnings of the government that had risen to $3.2 billion and fell to about $500 million per month recently. According to him, there was also a time when the crude oil price stabilised at $105 per barrel over a period of five years.