The Coalition of Civil Society Groups today said there is no evidence that the Federation Account Allocation Committee (FAAC) borrowed the March allocation from the N60 billion printed by the Central Bank of Nigeria (CBN).
The coalition said they discovered that all the states of the federation owe the CBN from the bailout funds given to them to cushion the effects of the difficulties experienced in their bid to deliver on good governance.
Speaking at a press conference held at the premises of the Nigeria Union of Journalists (NUJ) Abuja chapter, the president of the coalition, Bassey Etuk Williams and Secretary, Abubakar Ibrahim said going by the money FAAC share, the funds are generated and domiciled in the federation account.
“There was no evidence that the March allocation was borrowed which contradicts the claims of those saying March allocation money was printed. We further discovered that all the states owe the CBN. These monies are bailout funds given to them to cushion the effects of the difficulties experienced by the governors in their bid to deliver on good governance.
“We don’t need such distractions at this time when the country is facing much insecurity and hunger in the country. We need patriotic interventions and we equally expect progressive contributions towards developing and governing the Nigerian polity,” Williams.
“We condemn the falsehood and the controversy been generated; this is not what we need at a time like now.
We salute the courage of the CBN Governor for rising to the occasion and quickly correcting the wrong notion been expressed by nay sayers.
“We hope that this matter has been put to rest by that singular sincere and patriotic disposition and effort of the CBN Governor and we implore the state governors to pay back,” Williams said of the bail out given to the states.
“We have followed the activities of the Governor CBN especially during the COVID-19 pandemic; we applaud his effort, policies and programmes embarked upon to cushion the effect of the pandemic.
“Governor Godwin Emefiele has also backed up his pledge to facilitate job creation with the creation of the Creative Industry Financing Initiative (CIFI) which is being implemented in collaboration with the Bankers’ Committee.
“Without equivocation, Emefiele’s contribution to the development and growth of the Nigerian economy, as well as innovations in development financing is worth celebrating.
“He has encouraged the diversification of the economy and stimulate growth in the agriculture sector in line with President Muhammadu Buhari’s plan, he put in place an innovative Agric credit plan: Anchor Borrowers Programme and this has increased yield per hectare.
He stabilized the Naira and put the economy on a right footing. And his effort has pulled the country out of recession.
“CBN Governor has embarked on other policies such as the Youth Entrepreneurship Development Programme (YEDP), Accelerated Agricultural Development Scheme (AADS), the Agri-business/Small and Medium Enterprises Investment Scheme (AGSMEIS) all in an effort to build a strong economy,” the group said while calling on Nigerians to support the effort of the government, and in particular the CBN governor.
“We plead with you to jettison all form of proclivities and reject this falsehood for the interest of Nigeria,” the group said of the issues raised by Edo State Governor Godwin Obaseki and others alleging that N60 billion was printed by CBN and the Federal Government to augment for the March, 2021 FAAC allocation.