President Bola Tinubu has revealed that Nigeria met its financial obligations for three consecutive months without relying on Nigerian National Petroleum Company Limited (NNPCL) remittances or resorting to Ways and Means from the Central Bank of Nigeria (CBN).
Speaking during his first media chat on Monday, Tinubu expressed pride in achieving this milestone, describing it as a significant shift from previous financial practices.
“Push me to my brag mode,” he said. “In the last three months, I’ve not taken a penny from NNPC before meeting my obligations. To me, that is excellent. Without going into Ways and Means, I’ve met all obligations.”
When asked to self-assess, the president responded confidently, suggesting his record spoke for itself.
This comes against the backdrop of a critical remark by CBN Governor Olayemi Cardoso in September 2024. Cardoso had accused former CBN Governor Godwin Emefiele of exacerbating Nigeria’s economic challenges through excessive money printing.
“In 2015, the money supply was about N19 trillion, but by 2023, it reached N54 trillion, a substantial increase driven by Ways and Means,” Tinubu highlighted.
Ways and Means refers to the CBN’s provision of short-term loans to the Federal Government to cover budget deficits. Critics argue this practice contributes to inflation and economic instability by increasing the money supply.
