HighlightTop StoryTrending Story

FG printed N50bn to augment March revenue shortfall in Federation Account — governor

707

The Federal Government printed about N60 billion to augment allocation shared to states in March 2021, a state governor has revealed.

According to Edo Gov. Godwin Obaseki, the country’s distressed financial status coupled with the continued shrinking oil revenue necessitated the printing of currency by the Central Bank of Nigeria (CBN).

He disclosed that by December this year, the country’s total borrowing would be in excess of N15 to N16 trillion.

“In another year or so, where will we find this money that we go to Abuja to share every month? Last month, we got FAAC for March.

“The federal government printed an additional 50 to 60 billion to top-up for us to share,” he spoke at a programme in Benin City.

Obaseki expressed the fear that there might be no crude oil revenue accruing into the nation’s treasury for spending with the dwindling oil fortunes.

Despite the prices of crude in the international market, the current fortunes of crude is only a mirage and the Nigerian economy could no longer rely on oil revenue, the governor said.

Obaseki pointed out that major oil producers like Shell and Chevron, which hitherto made huge financial commitment to oil production, are no longer investing as much, especially with Chevron heavily investing in alternative fuel and Shell pulling out of Nigeria.

“Where will the federal government find the oil revenue to share monthly as federal allocation among the three tiers of government?

“We say remove subsidy, they say no. This April, next week again, we will go to Abuja and share. By the end of this year, the total borrowing is going to be in excess of 15 to 16 trillion.

“My worry is that we will wake up one day like Argentina, the naira will be 1,000, 2,000 and will be moving because we don’t have money coming in. You are just borrowing, borrowing and borrowing without any means or idea of how to pay back,” Obaseki said.

READ ALSO: Nigeria’s borrowing costs hit 37%

Leave a comment

Related Articles

Consumer Complaint: FCCPC Closes France, Belgium, Italy Visa Centres in Abuja

The Federal Competition and Consumer Protection Commission (FCCPC) has sealed the visa...

Benue Crisis: Tinubu Appoints Akume to Lead Resolution Committee

President Bola Tinubu has directed the Secretary to the Government of the...

Senate Approves N360bn Increase in Rivers’ 2025 N1.8trn Budget, Cites Reasons

Rivers State’s Sole Administrator, Vice Admiral Ibok-Ete Ibak, has presented a revised...

Ahead of 50th Anniversary: Oyo Govt Unveils N63.4bln Renovation Plan for Government House

The Oyo State government has approved a whopping N63.47 billion for the...

Alleged terrorism: FG closes case against Nnamdi Kanu

The Federal Government on Thursday closed its case in the ongoing trial...

Dangote Pays Visit to NPA, Commends One-Stop-Shop Initiative’s Success

The Managing Director/CEO of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho,...

Defamation trial: Ezekwesili, Yesufu, others storm court for Akpoti-Uduaghan

A show of solidarity unfolded at the Federal Capital Territory (FCT) High...

Social Media Unstoppable, FG Won’t Muzzle Media – Information Minister

The Minister of Information and National Orientation, Mr Mohammed Idris, has acknowledged...

Just in: Defamation: Court grants Sen. Akpoti-Uduaghan N50m bail, adjourns until Sept. 23

A Federal High Court sitting in Maitama in the Federal Capital Territory...

Defamation: Akpoti-Uduaghan arrives in court for arraignment

Senator Natasha Akpoti-Uduaghan, the suspended representative for Kogi Central Senatorial District, has...

GF Moves to Tackle Food Insecurity, Poor Infrastructure

The Nigeria Governors’ Forum (NGF) has identified key factors driving the rising...

Consistent Innovations, Capacity Building Key to Quality Healthcare – Dr. Peterside

Dr. Dakuku Peterside, a renowned turnaround expert and accomplished technocrat, says continuous...

TCN Inaugurates Committee to Drive Power Sector Recovery, Boost Grid Efficiency

By Joycelyn Ellakeche Adah In a renewed push to reform Nigeria’s ailing...

Enugu Govt Inaugurates LOC for 23rd National Sports Festival, NSC Hails Gov. Mbah

The Enugu State Government has taken a significant step towards hosting the...

World Drug Day 2025: Marwa, UNODC urge public, state govts to join fight against illicit substance abuse

The Chairman/Chief Executive Officer of the National Drug Law Enforcement Agency (NDLEA),...

Vandalism, Obsolete Infrastructure, Underfunding Threaten Nigeria’s Transmission Network – TCN MD

By Joycelyn Ellakeche Adah Delayed energy reform, incessant large-scale vandalism, obsolete infrastructure,...

Benue Killings: Tinubu Queries Security Chiefs Over Lack of Arrests

President Bola Tinubu on Wednesday expressed surprise that no arrests were made...

Gwarinpa Hotel Female Murder: FCT Police Launch Manhunt for Man Friend

The Federal Capital Territory (FCT) Police Command has initiated an investigation into...

University’s ‘No Bra, No Exam’ Rule Sparks Outrage, It’s Sexual Assault, Students Say

Female students at Olabisi Onabanjo University (OOU), Ago-Iwoye, Ogun State, have reportedly...

Benue Bloodshed: Tinubu Approves Cattle Ranch to End Farmer-Herder Clashes

President Bola Tinubu has approved the establishment of a ranch in Benue...