By Emmanuel Mogbede
The All Progressives Congress (APC) called on the People’s Democratic Party (PDP) and others criticizing the operations of the Central Bank of Nigeria (CBN) to enable it to effectively discharge its mandate.
Sen. John Akpanudoedehe, APC National Secretary
The Interim and Extraordinary Convention Planning Committee (CECPC) made the call in a statement Sunday in Abuja.
“Whether the CBN prints money or not is not a problem, the umbrella bank should be allowed to fulfill its mandate.
“The CBN has several ways of creating new currency,” he said, stressing that the money supply in the economy was at the appropriate level.
Akpanudoedehe added that the PDP needed to understand how the money was created, saying its statements regarding CBN operations would create problems for the economy.
He advised the PDP to partner with the APC to clear the mess it left behind, noting that destroying is very easy, but building is a task the APC is committed to.
He said central banks around the world printed money during the financial crisis of 2008 and 2009.
“The Reserve Bank of the United States printed dollars to bail out businesses that were too big to fail, there is nothing wrong with printing money as long as it is managed well.
“There is no evidence that the CBN is ineffective in managing the monetary side of the Nigerian economy.
“Let us not forget that the CBN is a government banker and that it has performed this function effectively and efficiently”, Akpanudoedehe
He added that the development function of the CBN had resulted in various intervention funds in several sectors of the economy.
He said the APC inherited an economy that was showing signs of recession from 2012, pointing out that the economy left by the PDP had no forex to run the system.
According to Akpanudoedehe, the looting of our Commonwealth was unprecedented under the administration of the PDP even as productivity declined.
He added that the APC government implemented aggressive fiscal and monetary policies that led the country’s economy to emerge from recession in 2016.
He said that as the economy was back on track to a positive growth trajectory, the COVID-19 global health pandemic and the sharp drop in oil prices came.
This, he said, threw the economy into another problem, adding that the rapid intervention of the APC government through the Economic Sustainability Plan has accelerated the recovery from the crisis.
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