Edo State governor, Godwin Obaseki, has said that his comment on the printing of money was advice to the federal government to end the “current monetary rascality” in the face of the economic realities in the country.
The governor on his Twitter handle @GovernorObaseki tweeted reaction to the minister of Finance, Budget, and National Planning, Zainab Ahmed’s response to his statement on the printing of money, said: “Our advice is that we stop playing the ostrich”.
— Godwin Obaseki (GGO) (@GovernorObaseki) April 15, 2021
He said, “We believe that it is our duty to offer useful advice for the benefit of our country.
“Rather than playing the ostrich, we urge the government to take urgent steps to end the current monetary rascality, so as to prevent the prevailing economic challenge from degenerating further.
“While we don’t want to join issues with the federal ministry of finance, the Minister of Budget and National Planning, Mrs. Zainab Ahmed should rally Nigerians to stem the obvious fiscal slide facing our country.
“We believe it is imperative to approach the Nigeria project with all sense of responsibility and commitment and not playing to the gallery because ultimately time shall be the judge of us all.”
Obaseki was quoted to have during Edo transition committee stakeholders engagement last week aid that the federal government printed additional N50-N60 billion to top-up for states 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 to N16 trillion.”
But the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed had explained that what was distributed at the monthly Federation Account Allocation Committee (FAAC) meetings were 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 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 borrowing, the minister said Nigerian debt is still within sustainable limits and that what needed to be done is to improve our revenue to enhance our capacity to service not only our debt but to service the needs of running the 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.”