Central Bank of Nigeria Governor, Godwin Emefiele has said that since 2015, state governors in Nigeria did not pay back money printed for them as loans through various Federal Government bail out scheme.
The C.B.N Governor, Godwin Emefiele stated this during the week while answering questions from journalists over earlier comment credited to Edo State Governor, Godwin Obaseki that federal goveernment printed 50 to 60 billion naira in addition to the revenue shared among the three tiers of government.
President Muhammadu Buhari in 2015 granted bail out funds to states.
According to the Central Bank Governor, Godwin Emefiele, the kind of situation Nigerians have found themselves now is worst than the situation faced in 2015 and 2016.
He said the loans given to states remain unpaid up till now since 2015.
He said it is very inapropriate for some persons to give some coloration to printing of money as if the concept of printing money is a foreign word coming from sky, adding that with the current situation in Nigeria it is very important money is printed to support government.
Governor Godwin Emefiele said since state governor is now accusing them of money printing as if it’s something not normal, the Central Bank of Nigeria going forward will insist states pay back the loans given to them since 2015.
Godwin Emefiele words is presented thus:
It is important for me to put it this way, in 2015, 2016, the kind of situation we have found ourselves now which is even worst than what we faced in 2015, 2016, we didn’t provide budget support facility for all the citizens of this country. That loans remain unpaid for now. We are going to insist on states paying back those money going forward since they are accusing us; giving them loans. It is very inapropriate for some to just give some coloration to the printing of money as if it is foreign word coming from sky. If you understand the concept of printing money, printing of money is about lending money. To print is our job.