The CBN has faulted Governor Obaseki’s claim that it printed N60 Billion in March for the Federal Government even as the Edo State Governor has urged the Federal Government to take urgent steps to end the current monetary rascality, so as to prevent the prevailing economic challenge from degenerating further.
Obaseki, who has been harshly criticised for saying that the Federal Government printed N60bn to share as part of federal allocation in March, in a statement he signed on Thursday, said it was time to stop playing the ostrich and approach the Nigerian project with all sense of responsibility and commitment.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, had faulted Obaseki on Wednesday.
In an interview with State House correspondents, the minister described Obaseki’s claim as untrue. But the governor on Thursday insisted on his position.
He stated, “We believe it is our duty to offer useful advice for the benefit of our country.
“The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed should rally Nigerians to stem the obvious fiscal slide facing our country.
“Rather than play the ostrich, we urge the government to take the urgent step to end the current monetary rascality, so as to prevent the prevailing economic challenge from degenerating further.
“We believe it is imperative to approach the Nigerian project with all sense of responsibility and commitment and no play to the gallery because ultimately, time shall be the judge of us all,” he added.
CBN undercuts Obaseki’s claim, to restrict forex for sugar, wheat
But the CBN Governor, Godwin Emefiele, on Thursday dismissed the claims that the apex bank printed N60bn to augment the March 2021 disbursements of the Federation Account Allocation Committee.
He also announced that the apex bank was working to include sugar and wheat on the list of commodities that would be restricted from accessing foreign exchange.
Speaking in Nasarawa State during an inspection tour of the proposed $500m Dangote sugar processing facility, Emefiele said, “If you understand the concept of printing of money, it is about lending money. That is our job. To print is about lending money.
“So, there is no need of putting all the controversy about printing of money as if we go into the factory, print the naira and start distributing on the streets.
“It is very inappropriate for people to give colouration to printing money as if it is some foreign words coming from the sky.
“It’s important for me to put it this way that in 2015/16, the kind of situation we found ourselves in, we did provide a budget support facility to all the states of this country.
“That loan is still unpaid up till now. We are going to insist on them paying back the money since they are accusing us of giving them loans.”
On forex restriction for selected commodities, he said, “We are looking at sugar and wheat. We started a programme on milk about two years ago, eventually, these products will go into our forex restriction list.”
He said the CBN’s decision to include sugar and wheat on the forex restriction list was because the country spends $600m to $1bn importing sugar annually.