“$100bn Went to the Wrong Hands” — Economist Backs FX, Subsidy Reforms
Political economist George Agbakahi has weighed in on Nigeria’s economic reforms, pointing to decades of inefficiencies in the foreign exchange system.
According to him, Nigeria spent an estimated $330 billion in the FX market between 1999 and 2023, with a significant portion allegedly misallocated.
“Between 1999 and 2023, Nigeria spent $330 billion in the foreign exchange market, and over $100 billion of this went to the wrong hands… The President instituted a very significant shift with the removal of the fuel subsidy and the dismantling of the foreign exchange market into a single exchange market and that has grown our revenue.”he said
