Allegation Of Printing N60bn To Augment March FAAC False — NEC

The National Economic Council, NEC, has dismissed claims that
N60 billion was printed to augment the Federation Account
Allocation Committee, FAAC, for March.

Laolu Akande, Senior Special Assistant to the President on Media
and Publicity, Office of the Vice President, briefed State House
correspondents after virtual NEC meeting presided over by Vice
President Yemi Osinbajo on Thursday at the Presidential Villa.

A state governor had recently alleged that the Central Bank of
Nigeria (CBN) printed N60 billion in March to support federal
allocation to states.

“Finally, council also affirmed that there was no N60 billion
CBN money printed for March FACC; having heard presentations from
the controversy generated regarding insinuations of alleged
printing of N60 billion to augment March allocations.

“The council affirmed that there is no truth whatsoever in the
claim; the meeting reviewed the controversy and heard from the
Finance Minister and the Nigeria Governors Forum, NGF, as
represented by Etiki State governor and the CBN governor.

“Both the minister and the CBN governor stated categorically to
the council that the allegation of printing of money to augment
allocation is outrightly false.

“The NGF also supported the conclusion and NEC affirmed same as
the highest constitutional body tasked with economic affairs in the
country,’’ Mr Akande said. NAN

The National Economic Council, NEC, has dismissed claims that
N60 billion was printed to augment the Federation Account
Allocation Committee, FAAC, for March.

Laolu Akande, Senior Special Assistant to the President on Media
and Publicity, Office of the Vice President, briefed State House
correspondents after virtual NEC meeting presided over by Vice
President Yemi Osinbajo on Thursday at the Presidential Villa.

A state governor had recently alleged that the Central Bank of
Nigeria (CBN) printed N60 billion in March to support federal
allocation to states.

“Finally, council also affirmed that there was no N60 billion
CBN money printed for March FACC; having heard presentations from
the controversy generated regarding insinuations of alleged
printing of N60 billion to augment March allocations.

“The council affirmed that there is no truth whatsoever in the
claim; the meeting reviewed the controversy and heard from the
Finance Minister and the Nigeria Governors Forum, NGF, as
represented by Etiki State governor and the CBN governor.

“Both the minister and the CBN governor stated categorically to
the council that the allegation of printing of money to augment
allocation is outrightly false.

“The NGF also supported the conclusion and NEC affirmed same as
the highest constitutional body tasked with economic affairs in the
country,’’ Mr Akande said. NAN