According to President Bola Tinubu, he has met Nigeria’s financial obligations for the past three months without contacting the Nigerian National Petroleum Company Limited (NNPCL) or looking into ways and means from the Central Bank of Nigeria (CBN).
In his initial interview with the media on Monday, the president boasted that he had fulfilled Nigeria’s financial commitments without reverting to the previous system.
Get me to start boasting because I haven’t received a single penny from NNPC in the past three months before attending to my other commitments. That’s great, in my opinion.
When asked if he was evaluating himself, Tinubu boasted, “I’ve met all obligations without going into Ways and Means.” In September 2024, Olayemi Cardoso, the governor of the Central Bank of Nigeria, or CBN, accused his troubled predecessor, Godwin Emefiele, of damaging the Nigerian economy by printing too much money and flooding the system with liquidity.
“In 2015, the money supply was about N19 trillion, and in 2023, it was N54 trillion. That’s a huge increase, a very huge increase. And then a substantial amount of that was through ways and means. So, basically, the printing of money resulted in a huge amount of money chasing the same amount of goods or relative amount of goods. Tinubu said” I think that context is very important.”
According to report ,the Federal Government can use Ways and Means to cover its budget deficits by obtaining short-term financing from the apex bank.
