Coronavirus: Print more Naira notes, Tinubu tells FG

Coronavirus: Print more Naira notes, Tinubu tells FG

- Tinubu has asked the FG to print more naira

- According to the APC national leader, the federal government cannot become naira insolvent

- The former Lagos governor said it is the right of the FG to issue currency

The national leader of the ruling All Progressives Congress (APC) Asiwaju Bola Ahmed Tinubu has advised President Muhammadu Buhari to print more Naira notes to help the government navigate through the disaster of the coronavirus pandemic.

The former governor of Lagos who insisted that it is important to keep the Naira flowing even though the coronavirus pandemic has sharply reduced dollar inflow said it is the right of Nigeria to issue currency.

To buttress his points, he referenced the recent $2.2 trillion package designed to save its economy passed by U.S Congress and signed by President Donald Trump.

Tinubu disclosed in his 68th birthday message.

“While individuals, companies and even state governments can go bankrupt during hard times, the federal government cannot become naira insolvent because it has the ability to issue our national currency. He who holds the printing press is never insolvent.

Coronavirus: Police arrest 9 persons for organising burial ceremony in Ebonyi

“The most serious concern and limitation on federal naira spending is not insolvency but inflation. Consequently, should circumstances require increased spending, we should not hesitate to do so; but we must keep the watchful eye to ensure inflation does not climb too high.

“However to save both lives and livelihoods during a moment of historic emergency, a touch of extra inflation from enhanced government spending is a small price to pay. In fact, it is a price that must be paid," he said.

Meanwhile, Legit.ng had reported that presidential spokesman, Femi Adesina has denied a report that he said Nigerians with bank verification number (BVN) will be given N30,000 as relief fund.

According to him, the report which went viral on social media is false.

He denied this in a tweet on Saturday, March 28.

He consequently urged Nigerians to disregard the information.

“Fake news peddlers have concocted a statement, purportedly issued by me, saying FG will pay N30,000 to each Nigerian with BVN, to help them stock up before an impending national lockdown. Not me. The so-called statement is hereby disclaimed,” he tweeted.

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Legit.ng also reported that the Ebonyi state police command said it has arrested nine persons in Ikwo and Ezza South local government area of the state for organising burial ceremonies in violation of the government's directive banning burial ceremonies and other social gatherings in the state.

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Source: Legit

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