N60bn Printed Money Controversy: Edo PDP Supports Obaseki, Predicts Collapse Of The Nation’s Economy
Edo State chairman of the People’s Democratic Party (PDP), Dr. Tony Aziegbemi yesterday threw his weight behind Edo State Governor Godwin Obaseki over his demand for fiscal responsibility.
Speaking with journalists in Benin at the party state secretariat, Aziegbemi charged that with a debt portfolio of over N32 trillion coupled with a record 43 per cent unemployment rate and inflationary rate of 18, Nigeria economy was in dire straits and headed for collapse.
He said that Governor Obaseki’s accusation of the Central Bank of Nigeria (CBN) recklessly printing N60 billion was a wake up call to the authorities to put measures in place to prevent the impending collapse of the nation’s economy.
The Edo PDP chairman chided the federal government for resorting to deficit financing of the budget which he disclosed is projected to hit N560 trillion for fiscal 2021.
Aziegbemi said: “Oil was as low as 10 dollars a barrel during the peak of the pandemic but it has gone up significantly but the question is how long are we going to depend on oil. Government revenue fluctuates and can’t really plan with it because we depend on something we cannot control.
“APC government has run the economy aground. The only option of the APC led federal government is through deficit financing. There’s a provision for N560 billion of deficit financing for 2021.”
He emphasized that what the Edo State governor spoke the truth which he said was desperately needed at the moment in the country, adding that he merely shook the table for the right thing to be done.
The PDP chairman noted that it was cause for concern that about 85 per cent of the federal budget was for recurrent expenditure while only a paltry 15 per cent is for capital expenditure.
According to Aziegbemi, the nation’s economy was on the downward slope because of the cluelessness of the APC led federal government which has resulted in borrowing more than what the country earns.
