CBN Right To Print N60bn To Save Nigeria’s Economy-APC

4 years ago
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The All Progressives Congress (APC) has justified the purported N60bn currency printed by the Central Bank of Nigeria  to augment the revenue shared among the three tiers of government in March this year.
The party said there was nithing wrong with the action of the apex bank,adding that it  was performing its function as government bank to support distressed economy
John James AkpanUdoedehe, secretary of the APC Caretaker /Extraordinary Convention Committee (CECPC),explained that  the gesture tallies with the mandate of the apex bank and central banks global and therefore constitutes no violations provided it is well managed.
He  claimed that the opposition Peoples Democratic Party left the economy in tatters and that APC has managed the economy successfully out two cycles of recession. He said :
He said:”Central banks all over the world print money. During the financial crisis of 2008-09, the Reserve Bank of the US printed dollars to bail out companies that were too big to fail. There is nothing wrong in printing money provided it is well managed. There is no evidence that the Central Bank of Nigeria (CBN) is inefficient in managing the monetary aspect of the Nigerian economy. Let us not forget that the CBN is banker to government and has exercised such function effeciently and effectively.
“The development function of the CBN has resulted in various intervention funds in several sectors of the economy.
” The All Progressives Congress (APC) inherited an economy which showed signs of a recession from 2012. The economy left by the Peoples Democratic Party (PDP) had no forex to run the system. The looting of our commonwealth was unprecedented in history. Productivity was declining. The APC government implemented aggressive fiscal and monetary polices which resulted in the country’s economy exiting recession in 2016. The economy was back on the path of positive growth trajectory.
“Then came the global health pandemic and sharp decline in oil prices throwing the economy into another recession. The quick intervention of the APC government through the Economic Sustainability Plan fast-tracked the recovery from recession to the shock and surprise of the Intenational Monentary Fund (IMF), World Bank and other stakeholders.
“Whether the CBN prints money or not is not an issue. The Apex Bank should be allowed to perform its mandate. The CBN has several ways of creating ‘new’ money. The evidence suggests that money supply in the economy is at the appropriate level.The PDP needs to understand how money is created as well as provide evidence showing the composition of M1, M2 and M3 in the Nigerian economy”
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