President Tinubu showcases his administration’s resilience and fiscal reforms, navigating financial obligations without traditional supports.
President Bola Tinubu has asserted that for the past three months, he has successfully met Nigeria’s financial obligations without resorting to funds from the Nigerian National Petroleum Company Limited (NNPCL) or utilizing the Central Bank of Nigeria’s (CBN) Ways and Means.
During his inaugural media interaction on Monday, he expressed pride in achieving this without reverting to previous practices.
He emphasized that he has not drawn any funds from NNPC to fulfill his commitments, which he considers a significant accomplishment.
When questioned about self-assessment, Tinubu indicated that he believes it is appropriate to evaluate his performance based on his adherence to fiscal responsibilities.
In September 2024, CBN Governor Olayemi Cardoso attributed economic challenges to his predecessor, Godwin Emefiele, citing excessive money printing and liquidity infusion as detrimental to the economy.
He highlighted a dramatic increase in the money supply from approximately N19 trillion in 2015 to N54 trillion in 2023, largely driven by Ways and Means.
Tinubu underscored the importance of understanding this context, noting that the surge in money supply has led to inflationary pressures, with more currency competing for a relatively stable amount of goods.
Peoplesmind
