Nigeria unfortunately in bad shape under Buhari – CBN governor

The Central Bank of Nigeria (CBN) governor, Godwin Emefiele has reacted to myriad of challenges confronting the country, saying that Buhari has failed Nigeria.

Emefiele stated this on Thursday while defending reasons Nigeria printed N60 billion to augment the shortfalls in revenue income which was leaked by the governor of Edo State, Godwin Obaseki.

CAPITAL POST earlier reported that governor Godwin Obaseki has revealed how the Central Bank of Nigeria printed N60 billion that was shared among the three tiers of government in the.month of March, 2021.

But Emefiele said the country is in bad shape thereby experiencing
unemployment, inflation rate and rising debt profile at its worst level so far.

“Nigeria is unfortunately in a bad situation in the sense that we are facing a problem about productivity output which is GDP.

“We are also confronted with the problem of inflation,” said Mr Emefiele.

“If you understand the concept of printing money, printing money is about lending money; that is our job. There is no need putting up the controversy of printing money as if we are going into the factory printing money and then distributing it on the street.

The CBN governor stoutly defended the printing of N60 billion, noting that the development shouldn’t be coloured differently from the Federal government intention.

“It is very inappropriate for people to just give some colouration to the word printing of money as if it is some foreign word coming from the sky.”

He said it would amount to act of irresponsibility for the Federal government not to finance its responsibilities whenever renue dropped.