APC Governors debunked Obaseki’s Currency Printing claims

The All Progressives Congress Governors Forum has debunked claims by Governor Godwin Obaseki of Edo State that the federal government printed between N50 billion – N60 billion to bridge the shortfall in the distribution of federation revenues to the three tiers of government in March 2021.

The APC Governors, in a statement by it’s Chairman, Governor Abubakar Atiku Bagudu of Kebbi State, said at first, the impression it got was that it was an off the cuff remark made in a private meeting, but was however shocked to see yet another response from their colleague to the rebuttal by the Minister of Finance Zainab Ahmed insisting that the March 2021 FAAC was augmented via the printing of money.

The APC Governors said given the significance of the statement from a sitting governor and the possible negative impact it has brought to the credibility of both the federal and State government in managing government finances, the Forum is obliged to put a statement out.

The Progressives Governors admits that there are periods when the country experienced significant fiscal shocks in federation revenues, but says the shocks were offset by other savings serviced from the federation account, including distributions from the domestic excess crude proceeds and the foreign excess crude savings account.

They added that while the right to criticize and hold alternative views is acknowledged, all state governments have been equitably treated by both the Federal Government and national institutions, particularly the CBN. The support include, among others, bailouts, special interventions and various refunds that were owed to states prior to the Buhari administration.

The Progressives Governors urged the CBN Governor, management and staff not to be distracted. And equally expressed gratitude to President Muhammadu Buhari and his team for the support and partnership extended to all the federating units. In addition to occasional meetings with Mr. President, the National Economic Council, chaired by the Vice President, Prof Yemi Osinbajo, which meets every month where all issues are discussed transparently and exhaustively.

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