Wednesday, Oct 28th 2020 10:46 AM
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Market Digest Nigeria

Politics

Tinubu urges F.G. to print money to rescue the Nigerian economy

The National Leader of the All Progressives Congress (APC), Bola Tinubu, on Saturday charged the Federal Government to print more naira notes in order to save the economy from collapse following the outbreak of COVID-19 across the globe.

In a statement he personally signed to mark his 68th birthday, the ex-Lagos State governor implored the federal government to take a cue from the United States Federal Reserve which printed more dollars in order to boost the economy.

Tinubu said: “Already, the price of oil has fallen to less than $30 a barrel. This will bring a dollar shortfall. This does not, however, necessitate a corresponding shortfall in public sector naira expenditures.

“The US controls dollar issuance. We control naira issuance as is our sovereign right. Just as America has used its sovereign right to issue its currency to stave economic disaster, so too may Nigeria issue naira for the same purpose.”

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