The ruling All Progressives Congress APC has shot down the allegations of Governor Obaseki that the country is being plunged into chaos by the printing of money.
Recall that Obaseki accused the CBN of printing between N50 billion to N60 billion to augment the shortfall in the distribution of federation revenues to the three tiers of government in March 2021
The APC has responded to the allegations by Obaseki as they released a statement to explain the reasons behind the printing of money. According to the APC, the PDP left the country in a state of mess and confusion and they are trying their best to manage the country.
The 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 effeciently 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.
