April 22, 2021

The National Economic Council, NEC, has unanimously debunked the claim that money was printed to support March allocation.

Taking a position on the alleged printing of N60 billion after receiving presentations from the Minister of Finance and the Central Bank Governor, the National Economic Council (NEC) stated that the claim as reported in the press is outrightly false, affirming that no money was printed to shore up allocation for the month of March.

The Council’s position was among resolutions adopted at the 4th 2021 meeting of NEC, chaired by Vice President Yemi Osinbajo, SAN, which also had in attendance State Governors, FCT Minister and the Central Bank Governor. Also at today’s meeting were the Finance, Transportation, Information, Aviation and Water Resources Ministers, and the Minister of State for Budget and National Planning.

The Governors, having critically reviewed the matter, unanimously expressed satisfaction with clarifications made by the NGF represented by its Chairman, Governor Kayode Fayemi of Ekiti State, Finance Minister, Hajiya Zainab Ahmed and the Central Bank Governor, Mr Godwin Emefiele. While the Finance Minister categorically debunked that Naira was printed to back up allocation last month, the CBN Governor fully supported the position of the minister, and the Chairman of NGF also noted that he knew no such thing happened at all.