Money Printing: Listen To Obaseki’s Advice, PDP Governors Reply APC Counterparts

Posted by Nwa Diokpa Featured, Latest Headlines, News Across Nigeria Sunday, April 18th, 2021

(AFRICAN EXAMINER) – The People Democratic Party (PDP) Governors Forum has enjoined the All Progressives Congress (APC) to heed to the advice of Godwin Obaseki, Edo state governor, on Nigeria’s monetary policies, instead of attacking him.

The PDP governors berated their APC counterparts under the Progressive Governors forum (PGF) for being “partisan” in their response to Obaseki’s claim that the federal government printed N60 billion to support states’ allocations in March.

It will be recalled that on Friday, the APC governors stated that Obaseki’s statement did not reflect the true state of things.

“As a trained economist who has been a governor since 2016, Mr. Obaseki is aware of all the support states have received from President Buhari in coping with the shocks that have resulted from the COVID-19 pandemic and resulting economic recession,” the PGF had said.

Reacting in a statement on Sunday, the PDP governors’ forum berated the position of PGF, and stated that Obaseki should not be crucified for “saying the truth”.

“The PDP Governors Forum is alarmed at the partisan slant of patriotic advice to the Nigeria government by His Excellency, Governor Obaseki, on its monetary policies has assumed,” read the statement signed by Cyril Maduabum, the forum’s director-general.

“It is unhelpful for the Progressive Governors Forum to join the fray in the manner it did by its recent statement attacking the bona fides of governor Obaseki who merely warned the monetary authorities about the danger of uncontrolled use of ways and means, that is, the printing of Naira, to support government’s expenditure.

“Governor Obaseki has a background in economics and finance and is a very responsible governor who talks in a measured way. His advice, which by the way has been corroborated by none other than the governor of the CBN himself, and the international ratings agency FITCH, should be heeded rather than being crucified for sounding a note of caution.”

The PDP governors also tasked the federal government to cease relying on monetary policies that will further strain the economy.

“Nigeria government should plug financial leakages in the system and curb wasteful expenditure of billions of Naira on projects that can be executed by the private sector and save a lot of money in the process, thereby relying less on ways and means by the CBN, which brings pressure on the Naira with its inflationary consequences,” they added.