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More controversy over printing of N60b for March allocation
The controversy over the alleged printing of N60 billion by the federal government to augment the March allocation to the three tiers of government raged further on Friday with Central Bank of Nigeria Governor Godwin Emefiele saying money printing is the responsibility of the apex bank.
The Peoples Democratic Party (PDP) joined the fray and slammed the federal government for initially denying the claim by Governor Godwin Obaseki about printing money.
The PDP said the admission by the CBN Governor has vindicated its (PDP’s) earlier stand that the present administration is “characterised by concealments, deceit and falsehood.”
“The concept of printing of money is about lending money and that is our job,” Emefiele tweeted on Friday.
He added: “It will be irresponsible for the CBN or any Central Bank or Fed to stand idle and refuse to support its government at a time like this.”
That was 24 hours after Emefiele told reporters during a visit to Nasarawa State that “the concept of printing of money… is about lending money.”
He said: “It is important for me to put it this way that in 2015/2016 … we did provide budget support facility for all the states of the country.
“That loan remains unpaid till now and we are going to insist on the states paying back those monies going forward, since they are accusing us of giving them loans – effectively that’s what they are saying.
“If you understand the concept of printing of money, it is about lending money. There is no need for all the controversy around the printing of money as if we are going into the factory, printing naira, and then distributing (it) on the streets.
“It is very inappropriate for people to just give some coloration to the word ‘printing of money’ as if it is a foreign word coming from the sky.”
Responding to the statement by Emefiele yesterday, the Peoples Democratic Party (PDP) demanded the immediate sack of Finance Minister Zainab Ahmed.
The party, in a statement issued by its spokesman, Kola Ologbondiyan, slammed the Finance Minister for initially denying the printing of any N60 billion.
The PDP said the admission by the CBN Governor that the apex bank has been printing money at the bidding of government was a vindication of its earlier stand that the present administration is characterised by concealments, deceit and falsehood.
It said: “A situation where the Federal Government cannot articulate and implement policies favourable to wealth creation but resorting to borrowing and indiscriminate printing of currency notes only goes to further confirm that the Buhari administration lacks the credibility and capacity to run a nation.
“Indeed, the admission by the CBN governor that Nigeria is unfortunately in a very bad situation further justifies our position that the Buhari-led APC administration has wrecked the economy of our nation.”
The party expressed worries over the huge negative impact of indiscriminate printing of currency, which has led to an unprecedented rise in inflation rate to 18.17 per cent, as disclosed by the National Bureau of Statistics (NBS) on Thursday.
It noted that the situation has led to further economic hardship with surging prices and falling purchasing power, which has thrown millions of families in distress and unable to afford the basic necessities of life.
It charged President Buhari to come clean on the amount of currency that has been printed so far by the CBN to finance the deficit caused by the “financial mismanagement of his government as well as what the funds had been used for”.
“Furthermore, for failing the full disclosure test, the PDP demands that the Minister of Finance should immediately be relieved of her position, while the President accepts responsibility for the indiscriminate printing of currency in our naira,” it said.
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News
FG to Attach 300 NYSC Corps Members to CNG Workshops for Skills Training
FG to Attach 300 NYSC Corps Members to CNG Workshops for Skills Training
The Federal Government has announced plans to train and attach 300 National Youth Service Corps members to compressed natural gas conversion centres across the country as part of efforts to equip young Nigerians with practical technical skills and promote the adoption of CNG-powered vehicles.
The initiative is expected to provide the selected corps members with specialised training in CNG vehicle conversion and maintenance, enabling them to acquire skills that could improve their employment and entrepreneurship prospects after completing their national service.
The Senior Special Assistant to the President on Youth Initiatives, Monitoring and Delivery, Dr Titilope Gbadamosi, disclosed the plan at the opening of a CNG Retrofitting Training Programme for corps members at the NYSC FCT Orientation Camp in Kubwa, Abuja.
Gbadamosi said the selected corps members would undergo training and certification as CNG technicians before being deployed to CNG conversion centres across the country.
She explained that the programme would cover the six geopolitical zones and was designed to contribute to the Federal Government’s broader plan to expand the conversion of petrol and diesel-powered vehicles to CNG.
According to her, the initiative is expected to support the government’s target of converting 100,000 vehicles to CNG annually, while simultaneously creating opportunities for young Nigerians to develop specialised technical expertise.
The programme is being implemented in collaboration with relevant government agencies and stakeholders in the automotive and energy sectors.
The Minister of Youth Development, Ayodele Olawande, said the initiative would provide corps members with practical skills capable of complementing their university and polytechnic qualifications.
Olawande urged the beneficiaries to take the training seriously, describing technical and vocational skills as important tools for reducing youth unemployment and increasing self-reliance.
He said the Federal Government was interested in ensuring that the NYSC programme did not end with the traditional primary assignment and community development activities, but also provided corps members with skills that could sustain them after their service year.
The Director-General of the NYSC, Brigadier General Olakunle Nafiu, also described the programme as an important step towards equipping young Nigerians for emerging opportunities in Nigeria’s changing energy and automotive landscape.
He said the collaboration demonstrated the scheme’s commitment to providing corps members with practical skills and preparing them for the labour market.
The National Automotive Design and Development Council is also involved in the initiative, particularly in relation to technical standards and certification for the CNG conversion training.
The Federal Government has in recent years intensified efforts to promote CNG as a cheaper alternative fuel following the removal of petrol subsidy and the resulting increase in transportation costs.
The government has maintained that greater adoption of CNG could help reduce transportation costs, conserve foreign exchange spent on petroleum products and create new jobs in the automotive conversion and maintenance sector.
The training of NYSC members is therefore expected to address both sides of the policy — increasing the pool of skilled personnel available to service the growing CNG industry while providing young Nigerians with employable technical skills.
Meanwhile, reports circulating that each of the 300 corps members will receive a monthly training allowance of ₦100,000 have not been independently confirmed in the official details released on the programme.
The confirmed aspect of the initiative is that the selected corps members will receive specialised training and certification before being attached to CNG conversion centres across the country.
The programme is expected to serve as a pilot for broader youth-focused skills development initiatives as the Federal Government continues to seek ways of linking national service with employment, entrepreneurship and emerging economic opportunities.
FG to Attach 300 NYSC Corps Members to CNG Workshops for Skills Training
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