Godwin Emefiele CBN
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We printed money but not in the coloration of Gov. Obaseki — CBN Gov.

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…“Nigeria is unfortunately in a very bad situation, I’m not going to pretend about it in the sense that we are facing problem about productivity output which is GDP. Luckily we managed to just come out of it with a hairsbreadth and we are working to see how not only to have our head above water but get our waist above water. That is what we are focused on right now’’

“We are also confronted by issues of inflation and prices and the rest of them and so for us to begin to see that some people playing some games and trying to come up with overheating the polity talking about printing of money. I think it is very unfortunate and totally inappropriate’’

Amid controversies surrounding the printing of about N60 billion by the Central Bank of Nigeria (CBN), the Apex Bank says it is its duty to print money but clarified that any money printed is loan to government.

The CBN Governor, Mr Godwin Emefiele, said printing of the Naira, in economic parlance, was simply giving loans to the government.

Watch: Alleged N60 billion Money Printing

According to him, for instance some years back, CBN printed money and advanced loans to the 36 states to pay salaries so that they can be afloat.

“Nigeria is unfortunately in a very bad situation, I’m not going to pretend about it in the sense that we are facing problem about productivity output which is GDP. Luckily we managed to just come out of it with a hairsbreadth and we are working to see how not only to have our head above water but get our waist above water. That is what we are focused on right now.

“We are also confronted by issues of inflation and prices and the rest of them and so for us to begin to see that some people playing some games and trying to come up with overheating the polity talking about printing of money. I think it is very unfortunate and totally inappropriate,’’ Emefiele told reporters.

Emefiele’s reaction came on the heels of claims by Edo Governor Godwin Obaseki that the Federal Government printed about N60 billion to shore up March 2021 monies to be distributed to the three tiers of government by the Federal Account Allocation Committee (FAAC).

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, had denied Obaseki’s allegation.

 

Mrs Zainab Ahmed

 

Persecondnews quoted the governor as saying in a statement:“Our advice is that we stop playing the Ostrich” and made available to newsmen in Benin, said the government should take urgent steps to prevent the economy from total collapse.

“Rather than play the Ostrich, we urge the government to take urgent steps to end the current monetary rascality, so as to prevent the prevailing economic challenge from degenerating further.’’

“When we got FAAC for March, the Federal Government printed additional N50-N60 billion to top up for us to share.

“This April, we will go to Abuja and share. By the end of this year, our total borrowings are going to be within N15-N16 trillion”.

Watch: Gov. Obaseki drops bombshell on Nigeria’s economy

Ahmed had told newsmen after the Federal Executive Council meeting in Abuja that what was distributed at the monthly Federation Account Allocation Committee (FAAC) meetings were generated revenue from government institutions available to the public at the ministry’s website.

“The issue that was raised by the Edo State Governor for me is very, very sad. Because it is not a fact.

“What we distribute at FAAC is a revenue that is generated and in fact distribution revenue is a public information. We publish revenue generated by FIRS, the customs and the NNPC and we distribute at FAAC. So, it is not true to say we printed money to distribute at FAAC, it is not true.

“So our debt currently at about 23 per cent of GDP and it is at a very sustainable level if you look at
all the reports that you see from multilateral institutions,” she said.

Apparently irked by Obaseki’s claim, the CBN said: “We are going to insist on them paying back those monies since they are accusing us of giving them loans since they are accusing us of printing money.

“Most countries in the world today are confronted not only by the challenges coming from the Covid-19 pandemic, but other issues causing economic crisis and the rest of them.

“What I keep saying is that it will be irresponsible for the CBN or any other federal reserve bank to stand idle and refuse to support its government at this time and what is being done is being done
in any clime.

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

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