The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele said on Thursday that State Governments must begin to pay back the Budget Support Loans given to them by the Federal Government.
Emefiele stated this while reacting to claims by Edo State Governor, Godwin Obaseki that the Federal Government printed money to augment the March revenue shared by the Federation Account Allocation Committee (FAAC). The Governor alleged that the Federal Government is borrowing without a sustainable plan to sort out the debt load. On Wednesday, Finance Minister Zainab Ahmed described Obaseki’s claims as “sad” and “untrue” The governor countered, saying the minister should rather “rally Nigerians to stem the obvious fiscal slide facing our country”. Emefiele explained that the apex bank’s interventions are meant to address the grim economic outlook because “Nigeria is unfortunately in a very bad situation,” adding that the concept of printing money is about lending money.
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