The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, has cautioned that without divine intervention, the exchange rate in Nigeria could have surged to ₦10,000 per dollar.
Speaking at the Special Holy Ghost Congress in Abuja, Adeboye attributed Nigeria’s economic woes to its over-reliance on imported fuel despite being an oil-rich nation. He criticized the inefficiency of Nigeria’s refineries, which remain inactive despite significant investments, forcing the country to depend heavily on fuel imports.
On the removal of fuel subsidies, the cleric remarked that this policy shift has provoked backlash from those who previously benefited from the system, further deepening the nation’s economic struggles.
Adeboye called for prayers and divine guidance to navigate the crisis and emphasized the importance of addressing structural issues in the economy to ensure long-term stability.
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 added.
Reflecting on the swift devaluation of the naira, Adeboye mentioned his reliance on prayer and expressed appreciation for those who joined him in this endeavor.
“If God hadn’t intervened, $1 could have been worth ₦10,000 by now. This illustrates how much we need prayers,” he said.