Pastor Enoch Adeboye, the General Overseer of the Redeemed Christian Church of God (RCCG), said that the exchange rate could have risen to ₦10,000 per dollar if not for God’s intervention.
Speaking at the Special Holy Ghost Congress in Abuja on Thursday, Adeboye attributed Nigeria’s economic troubles to its dependence on petroleum products as the main source of revenue.
While Nigeria is an oil-producing country, Pastor Adeboye explained that the government has relied on imports to meet the country’s needs for refined petroleum products.
According to him, despite efforts to make the country’s refineries operational, they have not been successful.
Adeboye also addressed the controversy surrounding the removal of the fuel subsidy under President Bola Tinubu’s administration.
He emphasized that Nigeria’s financial struggles stemmed from the continued importation of petrol despite the country’s oil resources, which resulted in wasting billions on inefficient refineries.
“Before our current president took office, we were aware that the root of our financial issues lay in the importation of petrol. Despite having oil, we continued to import petrol and waste billions on refineries that did not operate effectively.
“When the president cancelled the subsidy on petrol imports, those who benefited from it became upset and created more problems,” he said.
As the naira continued to lose value, Adeboye said he and others prayed for intervention, which, according to him, helped prevent the naira from falling further.
He stated, “If God hadn’t intervened, $1 could have been worth N10,000 by now. This illustrates how much we need prayers.”
Since President Tinubu assumed office on May 29, 2023, the naira has dropped in value from around ₦400 to ₦1 against the dollar, reaching approximately ₦170.
Additionally, petrol prices have surged from under ₦200 per liter to more than ₦1,000 per liter across the country.
| Posted: at | |
TRENDING GISTS 
Lady Calls Out JAMB After Mysterious Overnight Change in Brother’s UTME Result
Ex-AUN Provost, Professor Yusuf Attahir Baba Loses Three Children in Devastating Car Crash
Football Star, Lionel Messi-Marriage Rumours Stir Online Frenzy As Divorce Speculations Grow
El-Rufai & Peter Obi Meet at Cambridge Conference, Sparking Political Speculation Ahead Of 2027 Elections
"How My Mother’s Lover Rap3d Me" — 12 Year Old Victim Narrates Ordeal