Sequel to the public outcry that have greet the Edo State, Governor’s bombshell that the Federal Government, printed #60B to augment the March, 2021 Allocation to the States ; warning that they could be dire consequences as our oil revenue evaporates.
Our debt to GDP ratio has been the most worrisome, as our debt ballooms, with no visible increase in productivity ; rather, we are busy borrowing to consume.
In response to the above, the CBN, Governor, Mr. Godwin Emefiele, allegedly admitted that printing money to augment Federal and States Finances are some of the CBN, lending policies. He went on to say that such practice was what they used to bail states out which has not been refunded.
See the tweet from @BBoason:
JUST IN: @cenbank Chief #Emefiele says ‘printing money’ to augment federal & state financial position is part of CBN lending to the government. He recalled hundreds of billions of Naira @cenbank gave as bailouts to State Govts during 2016 recession but not yet refunded.
As always, what we know is that 18.17% inflation is not a joke, the cost of living has so sky rocketed that we have to bewary of Venezuela and Zimbabwe experience. We have had enough of hardship, unemployment, insecurity and wanton ills that goes with terrorism.
The Government must become proactive, change its strategy of combating these ills; especially now that the cry for secession is very loud in the country.