Obaseki had revealed that Nigeria is a financial mess and explained how the CBN printed 60 billion naira to support what was shared at the Federation Account Allocation Committee by the three levels of government in March.
However, the minister of Finance, Budget and National Planning, Mrs Zainob Ahmed, had described Obaseki's claim as untrue. The CBN governor, Emefiele on the other hand, in response to the allegation, said that printing money is equivalent to lending money.
He added that when a country is a fragile moment of financial crises as this, it will be irresponsible of the apex bank to stay idle and not proffer a solution or aide the financial burden of the country.
Corollary to this claim, several individuals and groups have condemned the act of money printing, saying that it would rather devalue the Nigeria currency than help to mend the broken economy.
According to a professor of Political Economy, Pat Utomi, other countries like England who printed money did so to power up consumption and production, adding that they can handle inflation unlike Nigeria where inflation is already at 20 per cent and the printed palliative will remain in with government and nothing reach the consumers. In his own words, a former CBN deputy governor, Mailafia warns that money printing is not sustainable. Rather, it will do more harm than good.
Adding up to Obaseki's claim, all these points out to the fact that Nigeria is in a deep financial crisis. So, rather than crucify the informed advice from Governor Obaseki, the Federal Government and the CBN should listen to him and save Nigeria from this mess.
The Federal Government cannot ignore the advice coming from Obaseki, owing to his background in Economics and Financial Policies. To be exact, he is an Economics per excellence and a serving governor who knows the pros and cons of the CBN's act.
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