President Bola Tinubu says for three straight months, he has
fulfilled Nigeria’s financial obligations without touching remittance by
Nigerian National Petroleum Company Limited, NNPCL, or exploring Ways and Means
from the Central Bank of Nigeria, CBN.
Donning his bragging hat on Monday during his first media
chat, the president said he met Nigeria’s financial obligations without falling
back to the old order.
“Push me to my brag mode, in the last three months, I’ve not
taken a penny from NNPC before I meet my other obligations. To me, that is
excellent.
“Without going into Ways and Means, I’ve met all
obligations,” he boasted
Asked whether he was scoring himself, Tinubu said he should
grade himself if he did his homework right.
Recall that in September 2024, the Governor of the Central
Bank of Nigeria, CBN, Olayemi Cardoso blamed his embattled predecessor, Godwin
Emefiele for harming the Nigerian economy through the excess printing of money
and the pumping of liquidity into the system.
“In 2015, the money supply was about N19tn, and in 2023, it
was N54tn. That’s a huge increase, a very huge increase. And then a substantial
amount of that was through ways and means.
“So, essentially, the printing of money resulted in a huge
amount of money chasing the same amount of goods or a relative amount of goods.
I think that context is very important to have,” Tinubu said.
Ways and Means is the offering of short-term financing by
the apex bank to the Federal Government to cover its budget shortfalls.
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