A Former Governor of the Central Bank of Nigeria (CBN), Professor Charles Soludo says the lack of proper leadership ideas contributed to the nation’s economic crash in 2016.

The academic made the comments in a lecture at the Nnamdi Azikiwe University in Anambra, southeast Nigeria.

“At a time of oil pricing over 100, we were actually borrowing for recurrent expenditure for consumption. The total recurrent expenditure exceeded the total revenue meaning that from 2010 to 2014, that was the foundation and since 2015 we have carried on the same way. We borrow for consumption.

“Every penny spent on capital has been borrowed,” he stressed.

Professor Soludo, however, suggested the adoption of nominal price adjustment during a fall in commodity prices.