Governor of the Central Bank of Nigeria, Godwin Emefiele, on Thursday, said President Muhammadu Buhari has failed Nigeria.
He admitted that the country is witnessing worsening unemployment, inflation rate and rising debt profile.
“Nigeria is unfortunately in a bad situation in the sense that we are facing a problem about productivity output which is GDP. We are also confronted with the problem of inflation,” said Mr Emefiele.
He said this while reacting to Governor Godwin Obaseki’s claim that the federal government printed N60 billion to share among the states in March.
“If you understand the concept of printing money, printing money is about lending money; that is our job. There is no need putting up the controversy of printing money as if we are going into the factory printing money and then distributing it on the street.
“It is very inappropriate for people to just give some colouration to the word printing of money as if it is some foreign word coming from the sky,” Mr Emefiele argued.
Mr Obaseki had said last week that in another year “or so,” the federal government might run out of cash.
CBN governor said it would be irresponsible not to finance the federal government when revenues dropped.