PGF Refutes Obaseki’s Claim Over Printed Money

19 April 2021 by Eugene Ngwu.

The progressives Governors Forum, PGF, has refuted the claim by the Edo State Governor, Mr Godwin Obaseki that the Federal Government printed huge sum of money last month to augment its expenditures.
This is contained in a statement in Abuja by the chairman of the forum and Governor of Kebbi State, senator Abubakar Bagudu .
Senator Bagudu says that Obaseki’s claims were complete falsehood with no iota of truth.
The statement further notes that the forum was totally shocked from Obaseki’s claim that the Minister of finance printed additional currencies to support federal government disbursement to various states , ministries and parastatals
The statement explains that due to the short fall in statutory revenue of raised last month compared with the previous months , an augmentation was made from the forex equalisation amount to offset federal government expenses.
It adds that the federation revenue distributed monthly consists of mineral revenue from the sales of crude as well as custom and exercise duties, company income and value added taxes.
The statement however admits that what was wrong that there was a period when the nation experienced significant fiscal shock in federal revenues maintained that the short fall were offset by the nation’s previous savings.
It addeds that not only states had received budget from Federal Government but they that they had also received bail out support to meet salary obligation and infrastructural development refunds.
According to the statement the implementation was for the interest of Nigerian’s without discriminations on the basis of party affiliation but for interest of all Nigerians.
The statement regrets that matters that require collective effort of all leaders have been turned into party affairs while the right to criticize and hold alternative views was acknowledged, all state Governments had been equitably treated with fairness from both the Federal Government and National Financial institution, such as the Central Bank of Nigeria.
It also explains that Central Bank of Nigeria CBN, had designed and implemented various interventions to help stimulate economic
activities in all states and had responded to the country’s quick emergency recession since 2016 till date.
The statement however urges the CBN, Governor And its management not to be distracted and expresses gratitude to President Buhari and his economic team for the support and partnership extended to all the federation units for the purpose of common understanding and development of the country.

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