No ₦60bn Was Printed To Shore Up March Allocation – NEC

  • The Edo State Governor, Godwin Obaseki, had raised an alarm over Nigeria’s financial woes, alleging ₦60bn Was Printed To augment FAAC allocation to state governments for the month of March

The National Economic Council (NEC) has affirmed that there was no printing of ₦60 billion or any other amount whatsoever to shore up allocation for the month of March.

This was the position of the state governors after a critical review of the claim during the NEC meeting chaired by the Vice President, Professor Yemi Osinbajo, on Thursday.

Read also: ‘These Are Challenging Times’ – Finance Minister Admits Revenues Are Crashing

No ₦60bn Was Printed To Shore Up March Allocation - NEC

They took the decision following presentations from the Minister of Finance, Zainab Ahmed; Governor of the Central Bank of Nigeria, Godwin Emefiele, and Chairman of the Nigerian Governors’ Forum (NGF), Kayode Fayemi.

In their remarks, the minister and the CBN governor informed the Council that the allegation of the printing of money to augment allocation was outrightly false.

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The NGF chairman also supported the conclusion while NEC affirmed same as the highest constitutional body tasked with economic affairs in the country.

“The Council expressed satisfaction with clarifications made by the NGF represented by its Chairman, Governor Kayode Fayemi of Ekiti State; Finance Minister, Zainab Ahmed, and the Central Bank Governor, Mr Godwin Emefiele, on the alleged printing of N60 billion by the Federal Government,” said a statement by the Vice President’s spokesman, Laolu Akande.

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