Following Obaseki’s accusation and The Minister of finance denial, CBN governor, Godwin Emefiele explained that the paramount bank’s interventions are meant to curtail the drowning economic outlook because “Nigeria is unfortunately in a very bad situation,” He added: “If you understand the concept of printing of money, it is about lending money”.
“That is our job. To print is about lending money. So, there is no need of putting all the controversy about printing of money as if we go into the factory, print the naira and start distributing on the streets.
“It’s very inappropriate for people to give colouration to printing of money as if it’s some foreign words coming from the sky”.
Speaking further , Emefiele said “it’s important for me to put it this way that in 2015/16, the kind of situation we found ourselves in, we did provide a budget support facility to all the states of this country”.
“That loan is still unpaid up till now. We are going to insist on them paying back those monies since they’re accusing us of giving them loans”.
President Muhammadu Buhari authorized a $2.1 billion intervention package in July 2015 to assist distressed states with wages and contractor obligations. Because of the decline in the price of oil, the government’s income had decreased at the time.