Obaseki’s comment on economy: Buhari’s Minister opens up

April 14, 2021
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The federal government said Wednesday that the comments by Governor Godwin Obaseki of Edo state that it printed N60 billion in March to support federal allocation to states was false and sad.

Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, who disclosed this while fielding questions from State House correspondents in Abuja, said the funds being shared at the monthly Federation Account Allocation Committee (FAAC) meetings were generated revenue from government institutions, and the details are available on the ministry’s website.

The minister also faulted the governor’s comments on the rising debt profile, saying the country’s debt is still within sustainable limits.

“The issue that was raised by the Edo State Governor for me is very, very sad. Because it is not a fact. What we distribute at FAAC is a revenue that is generated and in fact distribution revenue is a 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 issue of the borrowing, the Nigerian debt is still within sustainable limit. 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,” she said.

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