Obaseki’s allegation on printing of N60bn is untrue, minister declares

The Minister of Finance, Budget and National Planning, Zainab Ahmed, on Wednesday, disclosed that there was no truth in the allegation made by Governor Godwin Obaseki that CBN printed an additional N60billion in March shared at the Federation Account Allocation Committee (FAAC) meeting.

Portraying the allegation of Edo State Governor, Godwin Obaseki as extremely sad, the minister clarified that the money being distributed monthly at FAAC is revenue generated.

Recollect that Obaseki was last week cited as giving warning over Nigeria’s financial situation which he stated made the CBN to print about N60billion to increase allocation shared by states in March.

“When we got FAAC for March, the Federal Government printed additional N50-N60 billion to top-up for us 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-N16 trillion,” Obaseki had bemoaned during the weekend.

However, while replying inquiries from State House correspondents on Wednesday, the minister declared that the allegation of Obaseki was false.

The minister depicted that distribution of revenue is public information that is accessible to citizens.

She also blamed the governor on the warning raised on the borrowings of the nation.

Ahmed maintained that the country’s debt profile is still within justifiable boundary.

She said, “The issue that was raised by the Edo State Governor, for me, is 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 the matter of borrowing, Ahmed further stated, “Nigeria’s debt is still within sustainable limits.

“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.”