Money Printing Economy: Nigeria Unfortunately In A Very Bad Situation___CBN Governor Godwin Emefiele #OsazuwaAkonedo #Emefiele
Central Bank of Nigeria Governor, Godwin Emefiele has said he would not pretend to say the fact that Nigeria is unfortunately in a very bad situation.
Godwin Emefiele stated this last week in Nasarawa state while fielding questions from journalists over statement credited to Edo State Governor, Godwin Obaseki that federal government printed money up to 50 to 60 billion naira in addition to allocation shared among the three tiers of government in March.
Godwin Emefiele who condemned the printing of money not to be seen as a foreign word coming from the sky, added it was his own submission at a meeting with government officials to accept printing of money to be loaned to governments so as to address the bad economic situation in Nigeria.
Godwin Emefiele added that at the meeting with the government officials, he explained to them what other countries in the world is doing to support their government at a critical time this in Nigeria.
Godwin Emefiele said printing of money as loans to support government is a known practice in every clime and people should stop playing politics with the concept of money printing which he said it’s C.B.N job.
Godwin Emefiele thereafter added that current situation in Nigeria is unfortunately very bad.
Nigeria is unfortunately in a very bad situation. I’m not going to pretend about it. We are facing problem of productivity output which is G.D.P.
We are also confronted with the issues of inflation and prices and the rest of them.
OsazuwaAkonedo reports that reckless printing of money as loans to governments since 2015 maybe responsible or the cause of the current economic woes in Nigeria.