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Lagos, NG
16th May 2021

FAAC Payment: Obaseki Wants End To Monetary Rascality

FAAC Payment: Obaseki Wants End Monetary Rascality
FAAC Payment: Obaseki Wants End Monetary Rascality

The disagreement between Edo State Governor Godwin Obaseki and the Minister of Finance, Budget, and National Planning, Zainab Ahmed, lingers with the governor backing his claim concerning the country’s rising debt profile after FAAC payment in March.

The governor last week said that the Central Bank of Nigeria printed an additional N50billion to N60billion to make up for state allocations (FAAC payment)but the Finance Minister debunked the claim saying it is “very sad and untrue.”

Obaseki in a series of tweets on Thursday went further to speak concerning the economic situation of the country, noting that he believes it is statutory to offer useful advice for the benefit of the nation.

He also said the Finance Minister is ‘playing the Ostrich’ and called on the Federal Government to end the ‘monetary rascality’ as he cautioned against rising debt profile.

“While we do not want to join issues with the Federal Ministry of Finance, we believe it is our duty to offer useful advice for the benefit of our country.

“The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, should rally Nigerians to stem the obvious fiscal slide facing our country.

“Rather than play the Ostrich, we urge the government to take urgent steps to end the current monetary rascality, so as to prevent the prevailing economic challenge from degenerating further.

“We believe it is imperative to approach the Nigerian project with all sense of responsibility and commitment and not play to the gallery because ultimately, time shall be the judge of us all,” he said.

The governor’s reply comes few hours after the Minister of Finance debunked his claim that the Central Bank of Nigeria printed an additional N50billion to N60billion to make up for state allocations.

The Finance Minister after the 41st virtual Federal Executive Council meeting at the State House on Wednesday told journalists that Obaseki’s claim was very sad and untrue.

“The issue that was raised by the Edo State Governor, for me, is very sad because it is not a fact.

“What we distribute at FAAC is revenue that is generated and in fact, distribution revenue is 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,” she said.

The Finance Minister insisted that the nation’s debt profile is still at sustainable limits and maintained that the nation’s debt profile which currently stands at 23percent of the total GDP is at sustainable levels.

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