April 2, 2022

Adoption of digital economy can help transform Nigeria’s growing debt dilemma — Sam Zuga tells CBN

Sam Zuga

Left to right: Dr Kingsley Obiora; Deputy Governor in charge of Economic Policy and Archbishop Sam Zuga; founder ZugaCoin

Archbishop Sam Zuga, founder of Zuga coin (a digital currency platform and cryptocurrency) recently met with the Deputy Governor of the Central Bank of Nigeria (CBN), Dr Kingsley Isitua Obiora and other executives at the apex bank to discuss economic policies and other matters focused on Nigeria’s growing debt profile claims; movement towards a digital currency play by CBN could see the value of the naira come to par with the dollar in a very short space of time.

He also posits that the Zuga coin with its flexibility and subsequent adoption by Nigerians and its institutions could see the reduction of Nigeria’s debt (currently at the highest levels ever) in less than 48 months.

The recent issuance of new Federal Government bonds to the tune of N950 billion naira in the first quarter of 2022, this disclosed on March 17 at the presentation of Public Debt data as of December 31st 2021 by Director-General of the Debt Management Office; Patience Oniha. Intervention by innovative monetary solutions such as digital currency in the likes of Zuga Coin will bring much-needed respite to the economic pressure the country is faced with.

According to him ‘Apart from the Federal Government’s debt profile currently at 97 billion dollars and over, if shared amongst the approximate population of  200 million Nigerians, each Nigerian owes about 485 dollars.

This is exclusive of the additional & cumulative debts from individual states within the Nigerian Federation. Stating at the meeting with CBN executives; he explained that Zuga Coin BEP20 (SZCB) is positioned to manage and clear these debts if a change in mindset and approach to managing existing fiscal challenges were adopted and committed to with the cooperation of all stakeholders involved. 

Vanguard News Nigeria