APC says CBN be allowed to effeciently, effectively perform mandate

APC

By Tom Okpe

The ruling All Progressives Congress, APC has warned that the nations apex bank, Central Bank be allowed to perform its duties effectively and efficiently.

It also said there is no evidence that CBN is inefficient in managing the monetary aspect of the Nigerian economy urging the populace not to forget that the CBN is banker to government and has exercised such function effeciently and effectively.

The party in a press statement in Abuja on Sunday, signed by the national secretary, Caretaker ExtraOrdinary Convention Planning Committee, CECPC John Akpanudoedehe said Central Banks all over the world print money especially, during financial crisis.

“2008-09, the Reserve Bank of the US printed dollars to bail out companies that were too big to fail. There is nothing wrong in printing money provided it is well managed,” the party said.

The party further explained that; “development function of the CBN has resulted in various intervention funds in several sectors of the economy.

“The APC inherited an economy which showed signs of a recession from 2012. The economy left by the Peoples Democratic Party (PDP) had no forex to run the system. The looting of our commonwealth was unprecedented in history.”

The party said the present government implemented aggressive fiscal and monetary polices which resulted in the country’s economy exiting recession in 2016.

“The economy was back on the path of positive growth trajectory. Then came the global health pandemic and sharp decline in oil prices throwing the economy into another recession.

“The quick intervention of the APC government through the Economic Sustainability Plan fast-tracked the recovery from recession to the shock and surprise of the Intenational Monentary Fund (IMF), World Bank and other stakeholders.

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“Whether the CBN prints money or not is not an issue. The Apex Bank should be allowed to perform its mandate.

“The CBN has several ways of creating new money. The evidence suggests that money supply in the economy is at the appropriate level.

“The PDP needs to understand how money is created as well as provide evidence showing the composition of M1, M2 and M3 in the Nigerian economy.

The APC added that utterances of the PDP would create problems for the econmy saying, “the opposition party should join hands with the APC to clear the mess they left behind.

“To destroy is very easy but to build is a task the APC is committed to.”

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