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To Print Is About Lending Money - Cbn Governor, Godwin Emefiele Reacts To Governor Obaseki’s Statement That Fg Printed N50-60 Billion For States To Share (Video)

Godwin Emefiele, the Governor of the Central Bank of Nigeria has told Governor Obaseki to desist from giving colouration to printing money.

This comes in reaction to the Edo Governor allegation that the FG is printing N50-60 billion for it to be shared among the states.

In a statement through the Minister of Finance, Zainab Ahmed refuted the allegations saying it is their duty to and the sole operation of a Central Bank of Nigeria to print money. He made this assertion while speaking in Nasarawa State during an inspection tour of the proposed $500m Dangote Sugar processing facility.

According to him, printing of money revolves around lending money. He said;

He added that the concept of printing of money is about lending money. Emefiele said; 

“If you understand the concept of printing of money, it is about lending money. That is our job. To print is about lending money.

“So, there is no need of putting all the controversy about printing of money as if we go into the factory, print the naira and start distributing on the streets.

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“It is very inappropriate for people to give colouration to printing of money as if it is some foreign words coming from the sky.

“It’s important for me to put it this way that in 2015/16, the kind of situation we found ourselves in, we did provide a budget support facility to all the states of this country.

“That loan is still unpaid up till now. We are going to insist on them paying back the money since they are accusing us of giving them loans.”“If you understand the concept of printing of money, it is about lending money. That is our job. To print is about lending money.

“So, there is no need of putting all the controversy about printing of money as if we go into the factory, print the naira and start distributing on the streets.

“It is very inappropriate for people to give colouration to printing of money as if it is some foreign words coming from the sky.

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“It’s important for me to put it this way that in 2015/16, the kind of situation we found ourselves in, we did provide a budget support facility to all the states of this country.

“That loan is still unpaid up till now. We are going to insist on them paying back the money since they are accusing us of giving them loans.”

In recent developments, the Governor of the Central Bank of Nigeria disclosed that Nigeria can’t stop borrowing especially when it is necessary.

CBN Governor, Mr Godwin Emefiele disclosed this development in Abuja at the National Dialogue on Nigeria’s rising debt profile themed: “The Rising Public Debt in Nigeria and the Challenges of National Development”. This was organized by the Action Aid Nigeria (AAN).

According to the CBN Governor who was represented by Dr Tawose Joseph, the Assistant Director, Monetary Policy Department, CBN said debt is never a crime or a sin but it is part of a fiscal responsibility.

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