Presidency echoes Soludo’s revelation of how Emefiele printed money above legal limit

The Nigerian Presidency on Friday echoed the revelation of Governor Chukwuma Soludo of Anambra State of how former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, was printing money in trillions above the legal limit.

Office of the Nigerian President

The Presidency cited the Anambra State governor as saying, “We sat here in this country and saw the monetary authorities literally printing money, illegally I must say, because I superintended the development of drafting of the 2007 Bank Act.”

The Special Adviser on Information and Strategy to President Bola Tinubu, Bayo Onanuga, in a post highlighted:

Bayo Onanuga

@aonanuga1956

“Governor Chukwuma Soludo said in the Emefiele years in CBN, the bank was just printing money, in trillions, far above the legal limit.

“We must realise where we are coming from,” he said.

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“We sat here in this country and saw the monetary authorities literally printing money, illegally I must say, because I superintended the development of drafting of the 2007 Bank Act.”

“And to prevent us from where we are today, that is why we had an explicit clause there that prevents Central Bank from lending recklessly to the Federal Government.

“That you cannot grant to the Federal Government more than 5 per cent of the previous year’s actual revenue.”
“He maintained that the CBN failed to comply with the 2007 CBN Act, adding that the current monetary trajectory was avoidable in the first place.

“We all sat here and saw how the CBN brazenly, illegally violated that law year after year and kept on printing money,” the governor said.

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“When you continue to credit the account of government, one trillion people shouted, two trillion,10 trillion, 15 trillion and 20 trillion and we kept going.”

The Special Adviser made no further comment, leaving space for suspicion that the Tinubu administration may be covertly criticizing or subtly exposing the ills of the administration of former President Muhammadu Buhari.