The All Progressives Congress (APC) has said it is not wrong for the Central Bank of Nigeria (CBN) to prints money and that evidence suggests that money supply in the economy is at the appropriate level.

The party reacting to the criticism made by the Peoples Democratic Party (PDP) on claims by Edo state Governor Godwin Obaseki that the CBN printed N60 billion to bridge the shortfall in revenue distribution in Nigeria in March 2021 said that ‘there is nothing wrong in printing money provided it is well managed.’

The APC went on to say that the economic situation the PDP left ‘had no forex to run the system and that the looting of Nigeria’s commonwealth was unprecedented during the government of the PDP.

Recall also that the PDP in a statement by Kola Ologbondiyan National Publicity Secretary  had condemned the attempt by the President Muhammadu Buhari-led administration to deny the printing of N60 billion by the CBN

The PDP asserted that the admission by CBN Governor, Godwin Emefiele, that the apex bank has been printing money at the bidding of government, had vindicated its earlier stand that the Buhari-led APC administration is characterized by concealments, deceit and falsehood.

The APC National Secretary, Caretaker and Extraordinary Convention Planning Committee, Senator John Akpanudoedehe giving examples of the United state said that Central banks all over the world print money.

‘During the financial crisis of 2008-09, the Reserve Bank of the US printed dollars to bail out companies that were too big to fail. There is nothing wrong in printing money provided it is well managed.’ the APC said

The party further said that the is issue whether the CBN printed money or not  but that  CBN should be allowed to perform its mandate.

Akpanudoedehe educating  the PDP said the PDP needs to understand how money is created as well as provide evidence showing the composition of M1, M2 and M3 in the Nigerian economy,”  and that the CBN has several ways of creating ‘new’ money.

To print is about lending money, that is our job, Emefiele tells Obaseki

The press statement reads: Central banks all over the world print money. During the financial crisis of 2008-09, the Reserve Bank of the US printed dollars to bail out companies that were too big to fail. There is nothing wrong in printing money provided it is well managed.

“There is no evidence that the Central Bank of Nigeria (CBN) is inefficient in managing the monetary aspect of the Nigerian economy. Let us not forget that the CBN is banker to government and has exercised such function efficiently and effectively.

“The development function of the CBN has resulted in various intervention funds in several sectors of the economy. The All Progressives Congress (APC) inherited an economy which showed signs of a recession from 2012. The economy left by the Peoples Democratic Party (PDP) had no forex to run the system. The looting of our commonwealth was unprecedented in history. Productivity was declining.

“The APC government implemented aggressive fiscal and monetary polices which resulted in the country’s economy exiting recession in 2016. The economy was back on the path of positive growth trajectory. Then came the global health pandemic and sharp decline in oil prices throwing the economy into another recession. The quick intervention of the APC government through the Economic Sustainability Plan fast-tracked the recovery from recession to the shock and surprise of the Intenational Monentary Fund (IMF), World Bank and other stakeholders.

“Whether the CBN prints money or not is not an issue. The Apex Bank should be allowed to perform its mandate. The CBN has several ways of creating ‘new’ money. The evidence suggests that money supply in the economy is at the appropriate level. The PDP needs to understand how money is created as well as provide evidence showing the composition of M1, M2 and M3 in the Nigerian economy,” the statement read.

Currency Printing: PDP Calls Out President Buhari…Demands Finance Minister’s Sack

The Peoples Democratic Party (PDP) condemns the attempt by the President Muhammadu Buhari-led administration to deny the printing of N60 billion by the Central Bank of Nigeria (CBN) at its behest.

The PDP asserts that the admission by CBN Governor, Godwin Emefiele, that the apex bank has been printing money at the bidding of government, has vindicated its earlier stand that the Buhari-led APC administration is characterized by concealments, deceit and falsehood.

The PDP flays the Minister of Finance, Budget and National Planning, Hajiya Zainab Ahmed, for attempting to mislead Nigerians by denying the revelations by the Edo state Governor, Godwin Obaseki, that N60 billion was printed in March to support federal allocation to states.

Governor Obaseki, as a financial expert, who is not known for flippancy, must be commended for his act of patriotism in exposing the dire economic situation our nation has been plunged under the Buhari administration.

A situation where the Federal Government cannot articulate and implement policies favourable to wealth creation but resorting to borrowing and indiscriminate printing of currency notes, only goes to further confirm that the Buhari administration lacks the credibility and capacity to run a nation.

Indeed, the admission by the CBN governor that “Nigeria is unfortunately in a very bad situation” further justifies our position that the Buhari-led APC administration has wrecked the economy of our nation.

Our party is worried over the huge negative impact of indiscriminate printing of currency which has led to the unprecedented rise in inflation rate to 18.17% as disclosed by the Bureau of National Statistics (NBS) on Thursday.

This situation has led to further economic hardship with surging prices and fallen purchasing power throwing millions of families in distress and unable to afford the basic necessities of life.

The PDP calls out President Buhari to come clean on the amount that has been printed so far by the CBN to finance the deficit caused by the financial mismanagement of his government as well as what the funds had been used for.

Furthermore, for failing the full disclosure test, the PDP demands that the Minister of Finance should immediately be relieved of her position, while the President accepts responsibility for the indiscriminate printing of currency in our naira.

Our party implores President Buhari to save our nation by allowing better hands to manage and salvage our economy before it is too late.