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You lied on printing of N60bn – Minister to Obaseki

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Nigeria’s Minister of Finance, Zainab Ahmed, has dismissed a comment by the governor of Edo State, Godwin Obaseki, that the federal government printed N60 billion to augment the amount distributed to states in March 2021.

Obaseki, at the Edo transition committee stakeholders engagement, last Saturday, had said the money was shared at the Federation Account Allocation Committee (FAAC) meeting.

“When we got FAAC for March, the federal government printed additional N50-N60 billion to top-up for us to share. This April, we will go to Abuja and share. By the end of this year, our total borrowings are going to be within N15-N16 trillion,” he had said.

But Ahmed, the Minister of Finance, Budget and National Planning, denied Obaseki’s comment while responding to questions from State House correspondents in Abuja, on Wednesday.

She also defended the government’s borrowings despite the concern expressed by Obaseki on the rising debt profile.

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She said: “The issue that was raised by the Edo State Governor for me is very, very sad. Because it is not a fact. What we distribute at FAAC is a revenue that is generated and in fact distribution revenue is a public information.

“We publish revenue generated by FIRS, the customs and the NNPC and we distribute at FAAC. So, it is not true to say we printed money to distribute at FAAC, it is not true.

“On the issue of the borrowing, the Nigerian debt is still within sustainable limit. What we need to do as I have said several times is to improve our revenue to enhance our capacity to service not only our debt but to service the needs of running government on day-to-day basis.

“So, our debt currently at about 23% to GDP is at a very sustainable level. If you look at all the reports that you see from multilateral institutions.”

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