President Bola Tinubu proudly declared that he has met Nigeria's financial obligations for three consecutive months without relying on NNPC remittances or Ways and Means financing from the CBN.
President Bola Tinubu stated that for three consecutive months, he has successfully met Nigeria 's financial obligations without utilizing remittances from the Nigeria n National Petroleum Company Limited ( NNPC L) or resorting to Ways and Means financing from the Central Bank of Nigeria ( CBN ). During his first media chat on Monday, the president proudly claimed to have fulfilled these obligations without relying on previous practices.
He emphasized that he had not taken a single penny from NNPC before meeting his other financial commitments, considering it an excellent achievement. He further asserted that he had met all his obligations without engaging in Ways and Means. When asked about self-evaluation, Tinubu stated that he would grade himself if he completed his assignments correctly. This follows the September 2024 statement by the current CBN Governor, Olayemi Cardoso, who attributed harm to the Nigerian economy to his predecessor, Godwin Emefiele, due to excessive money printing and liquidity injection. Cardoso highlighted the significant increase in the money supply from N19 trillion in 2015 to N54 trillion in 2023, largely attributed to Ways and Means. Tinubu explained the detrimental impact of this excessive money printing, where a large amount of money chased a relatively limited supply of goods, leading to inflationary pressures. DAILY POST reports that Ways and Means refers to short-term financing provided by the CBN to the Federal Government to bridge budget deficits
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