Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, has revealed that President Muhammadu Buhari is lacking in its efforts to revamp the number of infrastructure in the deficit.


According to Emefiele, the Federal Government needs US$100 billion annually to address the nation’s infrastructure deficit.

 Emefielle made his submission at the 30th Anniversary Conference and Awards of the Finance Correspondents Association of Nigeria (FICAN) in Lagos

Emefiele said: ”In Nigeria, the current level of infrastructure deficit is a major constraint to economic development and attainment of growth average rate of at least five to seven per cent required to boost productivity and sustainable growth for businesses.

”According to the World Development Indicators (2019), 56.20 per cent of Nigerians have access to electricity, while electric power consumption stood at 144.52 kWh per capita as of 2018.

”While infrastructure deficit in Nigeria is estimated to be about 1.2 per cent of GDP, it is projected that the Federal Government needs to commit about US$100 billion annually to address the nation’s infrastructural deficit.”

Meanwhile, The Peoples Democratic Party (PDP) recently urged the Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele to resign with immediate effect and get prosecuted.

Against the backdrop of some allegations by the All Progressives Congress (APC) that Godwin Emefiele supervised some outrageous looting of funds in the CBN’.

Publicity secretary of the PDP, Kola Ologbondiyan, in a statement urged the Economic and Financial Crimes Commission (EFCC) to immediately invite Emefiele for questioning over allegations by the National Secretary of the illegal APC National Caretaker Committee, Senator John Akpan Udoedehe, that the CBN governor was in charge of a massive looting of money from the vaults.