PDP charges Buhari to accept responsibility for printing of currency, sack finance minister

April 16, 2021
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The Peoples Democratic Party (PDP) on Friday asked President Muhammadu Buhari to sack the Minister of Finance, Budget and National Planning, Zainab Ahmed, as controversy over the alleged printing of N60 billion by the Central Bank of Nigeria (CBN) rages.

The Edo State Governor, Godwin Obaseki, had claimed earlier this week that the CBN printed between N50 billion and N60 billion shared to the states as allocation from the Federation Account in March.

But the minister dismissed the claim in a statement, saying the funds shared to the states were generated by the government’s agencies.

She said: “What we distribute at FAAC is revenue that is generated and in fact distribution of revenue is public information. We publish revenue generated by FIRS, the customs, and the NNPC, and we distribute at FAAC.

The CBN Governor, Godwin Emefiele, later waded into the matter and told the Chief Executive of Frontier Africa Reports, Boasan Omofaye, the apex bank usually prints currency to support the government.

“Printing of currency to support the federal and state governments financially was part of CBN lending to the government,” he stated.

However, in a statement issued by its National Publicity Secretary, Kola Ologbondiyan, PDP slammed the Buhari administration for trying to deny the printing of N60 billion by the CBN.

The party also knocked the finance minister for attempting to mislead Nigerians.

READ ALSO: ‘Printing of currency is part of CBN’s lending to govt,’ Emefiele wades into minister, gov Obaseki’s dispute

The PDP insisted that Emefiele’s admission that the CBN has been printing money at the bidding of government has vindicated its earlier position that the Buhari administration is characterized by “concealments, deceit, and falsehood.”

The statement read: “Governor Obaseki, as a financial expert, who is not known for flippancy, must be commended for his act of patriotism in exposing the dire economic situation our nation has been plunged under the Buhari administration.

“A situation where the Federal Government cannot articulate and implement policies favourable to wealth creation but resorting to borrowing and indiscriminate printing of currency notes only goes to further confirm that the Buhari administration lacks the credibility and capacity to run a nation.

“Indeed, the admission by the CBN governor that ‘Nigeria is unfortunately in a very bad situation’ further justifies our position that the Buhari-led APC administration has wrecked the economy of our nation.

“Our party is worried over the huge negative impact of indiscriminate printing of currency which has led to the unprecedented rise in inflation rate to 18.17 percent as disclosed by the Bureau of National Statistics on Thursday.

“This situation has led to further economic hardship with surging prices and fallen purchasing power throwing millions of families in distress and unable to afford the basic necessities of life.

“The PDP calls out President Buhari to come clean on the amount that has been printed so far by the CBN to finance the deficit caused by the financial mismanagement of his government as well as what the funds had been used for.

“Furthermore, for failing the full disclosure test, the PDP demands that the Minister of Finance should immediately be relieved of her position, while the President accepts responsibility for the indiscriminate printing of currency in our naira.”

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