The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor E.A. Adeboye, has said that without divine intervention, the exchange rate could have skyrocketed to ₦10,000 for $1.
Speaking at the Special Holy Ghost Congress in Abuja, Adeboye explained that Nigeria’s financial difficulties are largely linked to its reliance on fuel imports, despite the country having significant oil resources.
He noted that billions have been spent on refineries, many of which remain non-functional, resulting in a continued dependence on imported petrol.
Adeboye also addressed the controversy surrounding the government’s decision to eliminate costly fuel subsidies, a move that angered those who profited from the previous system and contributed to further economic challenges.
“We need help, and it’s not human help; it’s divine help,” he stated.
“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.”
As the naira continued to decline rapidly, Adeboye said that he prayed and was grateful that others joined him in prayer.
“If God hadn’t intervened, $1 could have been worth N10,000 by now. This illustrates how much we need prayers,” he said.