“No More Loans” CBN Governor Tells Tinubu to pay off Govt Debt before asking for more
The Central Bank of Nigeria has warned President Bola Almed Tinubu government, to stop asking for more Loans until they pay their outstanding debts.
This statement was made by Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso on Friday 9 February 2024, he made the statement in a conference meeting with other economic bodies alongside the Senate Committees on Finance, Appropriations, Banking, Insurance, and Other Financial Institutions.
In his statements he noted that if the financial crisis are not curtailed that it will lead to economic crisis, and that is what the CBN are closely working in order to curtail the present economic crisis plaguing Nigeria.
According to him in statement which was captured by PUNCH it reads “On our side at the CBN, we have responded with significant monetary policy tightening to reign in inflationary pressure.
“Empirical analysis has established that money supply is one of the factors fueling the current inflationary pressure. For instance, an analysis of the trend of the money supply spanning over nine months shows that M3 increased from N52.01 trillion in January 2023 to N68.25tn in November 2023 representing N16.24tn or 31.22 percent increase over the period.
He also plead with the government to adhere to their decision as they are working harder to bring the economy into a better position, and that they promise to make the economy work better for all.
