FG/Obaseki’s feud: CBN admits printing money


The raging controversy about the Central Bank of Nigeria (CBN) at the behest of the federal government printing between N50bn to N60bn to augment March’s allocations to states and local government has been clarified by the apex bank.

Edo State governor, Godwin Obaseki set tongues wagging alleging that the federal government had to resort to printing money to be able to fulfill its monthly commitment to other tiers of government, a claim the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, dismissed.

“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,” Ahmed said.

The CBN governor, Mr Godwin Emefiele, on Thursday, weighed in on the matter, admitting truly the bankers’ bank printed the sum, adding that it was not out of frivolity.

 “If you understand the concept of printing of money, it’s about lending money. That is our job. To print is about lending money. So, there is no need of putting up controversy about printing money as if we go into the factory, print the naira and start distributing on the streets.

“It’s very inappropriate for people to give colouration to printing money as if it’s some foreign words coming from the sky. So, I think it’s important for me to put it this way that in 2016/16, the kind of situation we found ourselves in, which is even worse than 2015/16, we did provide a budget support facility to all the states of this country. That loan is still unpaid up till now,”  Emefiele said while speaking at the end of a facility tour of Dangote Sugar plantation in Awe, Nasarawa State.

Sign up for our daily newsletter

Get the latest news delivered straight to your inbox every day. Stay informed with the Orijo Reporter's leading coverage of Nigerian and world news.


Please enter your comment!
Please enter your name here