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CBN and the regulatory role of ‘printing money’ By By Kadiri Abdulrahman “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 N60 billion to augment Federal Account Allocation Committee (FAAC) subvention to states in March. Speaking at the Edo Transition...

The Minister of Finance, Zainab Ahmed, had dismissed Obaseki’s claim, but the governor of the Central Bank of Nigeria, Godwin Emefiele, had hinted that the money could have been printed to support the economy In a statement yesterday, Kebbi State Governor and chairman of the Progressives Governors Forum, Atiku Bagudu, said Obaseki’s claim did not reflect the true position of things. “Given the significance of the statement from a sitting governor and the possible negative impact it has brought to the credibility of both the federal and state governments in managing government finances, ...

The forum in a statement by its chairman, Gov. Abubakar Bagudu of Kebbi on Sunday in Abuja, said Obaseki’s claims did not reflect the true position of things. Obaseki had claimed that the Federal Government printed the amount to bridge the shortfall in the distribution of federation revenues to the three tiers of government in March. But Bagudu said at first, the impression the forum got was that it was an off-the-record remark made in a private meeting by Obaseki. He, however, said the forum was shocked to see yet another response from Obaseki to the rebutta...

APC governors disown Obaseki over allegation of currency printing The Forum said it was shocked to see yet another response from Mr Obaseki to the rebuttal by the Finance Minister, insisting that the March 2021 FAAC was augmented via the printing of currency. The Progressive Governors’ Forum (PGF) has debunked claims by Governor Godwin Obaseki of Edo that the Federal Government printed between N50 billion – N60 billion in March. The forum in a statement by its chairperson, Governor Abubakar Bagudu of Kebbi on Sunday in Abuja, said Mr Obaseki’s claims did not reflect the true position o...

Charles Ajunwa The Progressive Governors’ Forum (PGF) yesterday debunked claims by Governor Godwin Obaseki of Edo State that the federal government printed between N50 billion – N60 billion to bridge the shortfall in the distribution of federation revenues to the three tiers of government in March 2021, saying that the claims did not reflect the true position of things. The Forum, in a statement signed by its Chairman, Governor Abubakar Atiku Bagudu of Kebbi State, said at first, the impression it got was that it was an off the cuff remark made in a private meeting, but “we were however...