We Have Been Printing Money Since 2015, FG Should Stop Lying To Nigerians — Rotimi Amaechi

Fitch, a renowned credit rating agency, said earlier this year that Mr Buhari’s central bank has been printing money at an unprecedented pace, warning that such tactics could result in more economic woes for the country’s 200 million citizens. Governor Godwin Obaseki expressed concern about crude oil revenue last month, revealing that the federal government printed an extra N60 billion in March for states to share. “Where will we find this money that we go to Abuja to share every month in a year or so? We received FAAC for March last month,” he said, adding that “the federal government printed an additional $50 to $60 billion to top-up for us to share.”

Mr Buhari campaigned on promises to revamp the Nigerian economy, but has been chastised for worsening the situation over the last six years of his presidency. Mr Amaechi also revealed that they took an oath never to openly confess to Nigerians that the government was on a printing spree of the national currency in an interview with journalists prior to the 2019 general election, in which Mr Buhari was re-elected. “And most of you didn’t know when we took over; in fact, most Nigerians don’t know because we swore an oath not to tell anyone we were printing money,” Mr Amaechi said. “Are you aware of when a nation prints currency? When it has no money,” he explained. “All we did was print money to cover our debts.” Mr. Amaechi’s remarks highlighted the cover-up that has accompanied Mr. Buhari’s widely criticized approach to the country’s economy, as millions of people remain impoverished. Nigeria has since risen to the top of the list of countries with the largest number of poor citizens. The nation still has the world’s worst energy supply and the second-highest unemployment rate.

In response, Zainab Ahmed, the Minister of Finance, Budget, and National Planning, accused the governor of spreading lies, saying, “The problem that the Edo state governor posed for me is very, very sad because it is not a reality.” Similarly, Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), dismissed Mr Obaseki’s point as “unfortunate and totally inappropriate.” Mr Emefiele, speaking to journalists about the problem, said: “If you understand the principle of printing money. It is about lending money, not about printing money