Moghalu: Nigeria is bankrupt because of fraudulent politicians- Kingsley Moghalu, a former CBN deputy governor has revealed the category of persons sinking the nation into more poverty - Moghalu on his Twitter page disclosed that politicians are the culprits behind Nigeria's economic bankruptcy - The former CBN chief said that most Nigerian politicians are engaged in grand fraud PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed The former deputy governor of Central Bank of Nigeria (CBN), Kingsley Moghalu, has given his opinion as to why he thinks Nigeria is not doing well economically. Moghalu, on his Twitter page, said that the nation lacks working institutions that will create the opportunity for wealth creation for the citizens. The former CBN chief claimed that about 90 million Nigerians live in poverty and the country is economically bankrupt because some persons in power are engaged in what he referred to as grand fraud. Read also Kogi guber: Huge number of APC aspirants is due to my efforts, says Gov Bello He said: “90 million Nigerians live in extreme poverty and the country is essentially bankrupt not because we don’t have brilliant economists, but because our politics and leadership are a grand fraud. Prosperity requires nationhood, first, followed by strong, effective institutions. “Without strong political institutions, we can’t have strong economic institutions that can set up an equal opportunity for wealth creation. If we don’t restructure a big, diverse country constitutionally back to real federalism, Nigeria can neither be stable nor prosper.” Moghalu noted that for developing nations like Nigeria to experience a massive economic breakthrough, they must understand the relationship between politics and economics. Meanwhile, Legit.ng reported that Governor Bellow Matawalle of Zamfara had made a very strong indictment against Nigerian politicians in connection to the rising insecurity in the country. Matawalle claimed that sect of politicians in the country are actually beneficiaries of the poor state of security resulting in the constant killing, kidnapping and violent crimes and prefer the status quo to be maintained. Read also Interesting opportunities available on the NPower portal The northern governor made this allegation at the Special Army Super Camp 4 in Faskari town in Katsina state on Tuesday, August 11. The governor stated that these politicians saw politics as a venture and are not interested in the well-being of the masses or the efforts of the military. PAY ATTENTION: Get the Latest Nigerian News Anywhere 24/7. Spend less on the Internet! Matawalle stated: "These unscrupulous politicians would hardly commend the military for their successes at the battlefronts." Earlier, President Muhammadu Buhari has again warned politicians to shun any act capable of disrupting the order of the forthcoming governorship election in Edo state. Comrade Adams Oshiomhole, the immediate past national chairman of the All Progressives Congress (APC) conveyed the president’s message while speaking to State House correspondents after a closed-door meeting with the Nigerian leader. No Nigerian can protest for more than three days | Legit TV Read also Zlatan Ibile - 4 Nights In Ekohtiebo will definitely end up in your playlist Source: Legit.ng - Kingsley Moghalu, a former CBN deputy governor has revealed the category of persons sinking the nation into more poverty - Moghalu on his Twitter page disclosed that politicians are the culprits behind Nigeria's economic bankruptcy - The former CBN chief said that most Nigerian politicians are engaged in grand fraud PAY ATTENTION Legit.ng PAY ATTENTION