CBN printing money not an issue ― APC

The ruling All Progressives Congress (APC) has dismissed the outrage trailing the alleged printing of N60billion by the Central Bank of Nigeria (CBN) to shore up revenue for the states.

National Secretary of the APC Caretaker/Extraordinary Convention Planning Committee (CECPC), Senator John Akpanudoedehe said there was nothing untoward in the action of the CBN.

“Central banks all over the world print money. During the financial crisis of 2008-09, the Reserve Bank of the US printed dollars to bail out companies that were too big to fail. There is nothing wrong in printing money provided it is well managed.”

The APC maintained that “there is no evidence that the Central Bank of Nigeria (CBN) is inefficient in managing the monetary aspect of the Nigerian economy. Let us not forget that the CBN is a banker to government and has exercised such function efficiently and effectively.”

The ruling party recalled that the apex bank has taken several steps to boost the economy which it said suffered recession under the Peoples Democratic Party. 

The APC further accused the PDP of being meddlesome, pleading with it to allow the CBN perform its functions.

“The APC government implemented aggressive fiscal and monetary polices which resulted in the country’s economy exiting recession in 2016. The economy was back on the path of positive growth trajectory. Then came the global health pandemic and sharp decline in oil prices throwing the economy into another recession. The quick intervention of the APC government through the Economic Sustainability Plan fast-tracked the recovery from recession to the shock and surprise of the International Monetary Fund (IMF), World Bank and other stakeholders. 

“Whether the CBN prints money or not is not an issue. The Apex Bank should be allowed to perform its mandate. The CBN has several ways of creating ‘new’ money. The evidence suggests that money supply in the economy is at the appropriate level. The PDP needs to understand how money is created as well as provide evidence showing the composition of M1, M2 and M3 in the Nigerian economy. 

“The utterances of the PDP would create problems for the economy. What PDP should do is join hands with the APC to clear the mess they left behind. To destroy is very easy but to build is a task the APC is committed to.”

 

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