According to reports reaching OYOGist.com the former Lagos state governor said it is the right time for the FG to issue new currency notes.
The national leader of the ruling All Progressives Congress (APC) Asiwaju Bola Ahmed Tinubu has advised President Muhammadu Buhari to print more Naira notes to help the government navigate through the disaster of the coronavirus pandemic.
The former governor of Lagos who insisted that it is important to keep the Naira flowing even though the coronavirus pandemic has sharply reduced dollar inflow said it is the right of Nigeria to issue currency.
To buttress his points, he referenced the recent $2.2 trillion package designed to save its economy passed by U.S Congress and signed by President Donald Trump. Tinubu disclosed in his 68th birthday message.
OYOGist.com reports
OYOGist.com reports
“While individuals, companies and even state governments can go bankrupt during hard times, the federal government cannot become naira insolvent because it has the ability to issue our national currency. He who holds the printing press is never insolvent.
“The most serious concern and limitation on federal naira spending is not insolvency but inflation. Consequently, should circumstances require increased spending, we should not hesitate to do so; but we must keep the watchful eye to ensure inflation does not climb too high.
“However to save both lives and livelihoods during a moment of historic emergency, a touch of extra inflation from enhanced government spending is a small price to pay. In fact, it is a price that must be paid,” he said.
