N60bn notes: Economic Council dismisses money printing allegations

Cyril Okonkwo, Abuja


The National Economic Council, NEC, on Thursday, affirmed that there was no money printed to augment the allocations to states by the Federal Accounts Allocation Committee, FAAC, in March, describing the allegation as “outrightly false.”

There has been a controversy generated by the allegation of the Governor of Edo State, Godwin Obaseki, two weeks ago that the Central Bank of Nigeria, CBN, printed about N60billion to augment the money distributed by FAAC to states in March.k

At its meeting presided over by Vice President Yemi Osinbajo at the State House, the NEC reviewed the controversy and dismissed the allegation.

Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, Laolu Akande, who briefed the media, said that presentations were made to the council on the issue at the meeting by the Minister of Finance and Governor of the Central Bank of Nigeria.

Akande said that the Council “affirmed that there was no N60billion printed for March FAAC.

Having had presentations on the controversy generated regarding the insinuations of alleged printing of N60billion to augment March allocations, the council affirms that there is no truth whatsoever in the claim.

“Today’s meeting reviewed the controversy and heard from the Finance Minister, the Nigerian Governors’ Forum, NGF, as represented by the Ekiti State governor, and the Governor of the Central Bank of Nigeria, CBN.

“Both the minister and the CBN governor stated categorically to the Council that the allegation of the printing of money to augment allocation is out rightly false.

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

Minister of Finance, Budget and National Planning, Zainab Ahmed, while briefing State House correspondents after the meeting of the Federal Executive Council last week, also denied the allegation that N60billion was printed to augment the money distributed by FAAC in March 2021.

She said that the sources of monies distributed to states by the FAAC were the Nigerian National Petroleum Corporation, NNPC, the Nigerian Customs Service, NCS, and the Federal Inland Revenue Service, FIRS.



Hauwa Abu

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