Alleged printing of N60b by FG: PDP governors decry attack on Obaseki

Members of the Peoples Democratic Party (PDP) Governors Forum, have condemned attacks on one of their own, Edo state governor, Godwin Obaseki, by their counterparts in the All Progressives Congress (APC), over his claim that the federal government is cash strapped and had to print the sum of N60 billion in the month of March this year, to be able to meet its financial obligations.

A statement released on Sunday by the PDP Governors Forum and signed by Cyril Maduabum, Director General of the Forum, said the Forum is “alarmed” at what it described as “the partisan slant” in the Progressive Governors Forum’s response to “patriotic advice” given by Obaseki to the federal government.

The APC governors, under the aegis of the Progressive Governors Forum, had in a statement described Obaseki’s assertion as “unfortunate and inaccurate”, while the Finance, Budget and National Planning Minister, Zainab Ahmed, had dismissed it as false.

Read full statement below:


-Governor Obaseki merely offered a patriotic advise

The PDP Governors Forum is alarmed at the partisan slant a patriotic advise to the Federal Government by His Excellency, Governor Godwin Obaseki , on its monetary policies has assumed.

2 It is unhelpful for the Progressive Governors Forum to join the fray in the manner it did by its recent statement attacking the bona fides of Governor Obaseki who merely warned the monetary authorities about the danger of uncontrolled use of Ways and Means, that is, the printing of Naira, to support government’s expenditure.

3. Governor Obaseki has a background in economics and finance and is a very responsible Governor who talks in a measured way . His advise, which by the way has been corroborated by none other than the Governor of the CBN himself, and the international ratings agency FITCH , should be heeded rather than being crucified for sounding a note of caution.

4. No doubt the Federal government has been supporting the States in the area of agriculture, budget, refund of Federal Government executed projects by States and a few other areas of intervention. Is CBN trying to be vindictive and vengeful by recalling its loans to the States because of an informed advise by a Governor?. It is unfortunate that governance has plummeted to this level.

5. The Federal government should plug financial leakages in the system and curb wasteful expenditure of billions of Naira on projects that can be executed by the private sector and save a lot of money in the process, thereby relying less on Ways and Means by the CBN , which brings pressure on the Naira with its inflationary consequences. Inflation in Nigeria is currently at 18.2 % , the highest in recent years. We should all be concerned to find ways of steming the tide.

6. We are all involved in the urgent task of rescuing the economy of Nigeria and nobody should indeed play the OSTRICH .

Hon CID Maduabum, LL.M
Director General, PDP Governors Forum

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