Edo State Governor, Godwin Obaseki has called on the Federal Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed to stop monetary rascality currently bedeviling Nigerians.
Governor Obaseki in a press release about an hour ago asked the Finance Minister to stem the obvious fiscal slide facing the country rather than play the ostrich.
Governor Obaseki has earlier revealed that the Federal Government printed over 50 to 60 billion naira to add to the insufficient revenue the three tiers of government shared recently.
The Minister, Zainab Ahmed in reaction to Governor Obaseki comment, denied ever printing more naira to be shared among tiers of government.
OsazuwaAkonedo reports evidence to know when a country print more money maybe inflation because the country’s poor production economy will not be able to accommodate the excess. The cost of goods and services will increase abnormally and foreign exchange most especially dollar will become giant over the nation’s currency.
Though Central Bank of Nigeria is expected to print money from time to time most especially for the purpose of replacing unfit notes but adding or printing more money into circulation can make life unbearable to many in the country.
Some apex bank in some countries do print more money to pay off debt which further weakens economy.
According to Governor Godwin Obaseki who is also an expert in the banking sector, it is advisable for Federal government and its officials to stop playing the ostrich, adding that time shall be the judge.
In his words:
In his words: “Our advice is that we stop playing the Ostrich
“While we do not want to join issues with the Federal Ministry of Finance, we believe it is our duty to offer useful advice for the benefit of our country.
“The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed should rally Nigerians to stem the obvious fiscal slide facing our country.
“Rather than play the Ostrich, we urge the government to take urgent steps to end the current monetary rascality, so as to prevent the prevailing economic challenge from degenerating further.
“We believe it is imperative to approach the Nigerian project with all sense of responsibility and commitment and not play to the gallery because ultimately, time shall be the judge of us all.