“Government’s printing of Naira simply means loans advanced to states to pay salaries and survive; and not the literal interpretation of printing money from the factory and sharing to the public,” according to Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN).
It was Emefiele’s initial reaction to a recent comment by Gov. Godwin Obaseki of Edo that the CBN printed about N60billion to augment Federal Account Allocation Committee (FAAC) subvention to states in March.
Speaking at the Edo Transition Committee stakeholders engagement, Obaseki had raised concern that the step the apex bank took was an indication that the Nigerian economy was ailing.
The Edo governor said: “when we got FAAC for March, the Federal Government printed additional N50billion to N60billion 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 N15trillion to N16 trillion.”
This position by…
Source: Guardian Newspaper