No Evidence CBN Printed N50bn in March

Olawale Ameen

News

14th April 2021

Obaseki's claim is unsubstantiated (Getty Images).

The Claim

CBN printed N50b to augment FAAC allocation in March 2021.

News posted on

Emerging story

On April 10, 2021, Governor Godwin Obaseki of Edo State revealed during the Edo transition committee stakeholders engagement that the nation was in trouble, as the economy was not what it used to be any longer. According to him, the Federal Government had to print an additional N50-60bn to augment March allocation to states.

This alleged development got Nigerians talking as many opined Nigeria was in serious trouble. Notable among these was former Senator Shehu Sanni, who tweeted, “Obaseki’s disclosure of Printing and sharing cast us in the light of Idi Amin’s Uganda.”

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Misbar’s Analysis

Misbar’s investigation into this claim shows that it is suspicious, as there is no evidence to prove that the federal government printed extra cash to share in March. The governor offered no proof to back up his claim.

Efforts by Misbar to get clarification from the governor by reaching out to his Senior Special Assistant on New Media received no response as at the time of writing.

However, the Central Bank of Nigeria denied knowledge that Nigeria had printed billions of naira in March to cushion its financial trouble.

When contacted by The Punch on the development, spokesperson of the CBN Osita Nwanisobi told Punch’s correspondent he was not aware of any N60bn that was printed.

According to Punch, an inquiry at the Federal Ministry of Finance, Budget, and National Planning was directed to the governor. Media aide to the finance minister Yunusa Abdullahi said that the Edo State governor or the CBN should be contacted.

The Finance Minister on Wednesday re-affirmed that the claim was false, adding that Nigeria’s debt was within the sustainable limit.

Fears are continually mounting as regards Nigeria’s dependence on oil revenue seeing that the global direction right now is a move from dependence on oil to other sources. Nigeria’s former coordinating minister of the economy and now WTO DG Okonjo Iweala said in March that she wished the Dangote refinery (which is scheduled to commence operations by 2022) came up years ago.