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Minister: Obaseki’s claims CBN printed N60bn false

…insists borrowing sustainable

The Federal Government has dismissed the Edo State Governor, Godwin Obaseki’s claim that the Central Bank of Nigeria (CBN) printed N60 billion to defray allocations to states in March as untrue.
Minister of Finance, Budget and National Planning, Zainab Ahmed, said this Wednesday in the Presidential Villa while also allaying the fears on the nation’s rising debt profile.
The minister clarified that Nigeria’s financial trouble is not as a result of borrowings insisting that the debt is still within the threshold of sustainability.
She explained that what is being distributed at the monthly Federation Account Allocation Committee (FAAC) meetings are generated revenue from government institutions available to the public at the ministry’s website.
“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 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.
“On the issue of the borrowing, the Nigerian 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,” she explained.

 

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