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 Nigeria   ::   News
 
Disregard Obaseki’s claim on CBN printing N60bn –Minister tells Nigerians
Apr 14, 2021
Source: CEOAfrica News: Reported by- Prince Lawrence

NIGERIA- Wednesday, 14 April 2021: The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said Nigerians should disregard a claim made Edo State Governor, Godwin Obaseki, that the Central Bank of Nigeria had to print between N50billion and N60billion for states to share in March at the meeting of the Federation Account Allocation Committee (FAAC).

The Minister, while addressing the State House correspondents on Wednesday, stated that Obaseki’s claim was not factual.

She disclosed that the money being shared monthly at FAAC is revenue generated.

Ahmed said “The issue that was raised by the Edo State Governor, for me, is 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.”

She further revealed that “Nigeria’s debt is still within sustainable limit.

“What we need to do as I have said several times is to improve our revenue to enhance our capacity to service, not only our debt, but to service the needs of running government on day-to-day basis.

“So, our debt currently at about 23% to GDP is at a very sustainable level, if you look at all the reports that you see from multilateral institutions.”

Recall that Obaseki, had earlier raised an alarm over Nigeria’s financial position, saying that the CBN print about N60billion to augment allocation shared by states in March.

“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,” Obaseki lamented over the weekend.

 
 
 
 
 
 
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