The PDP Governors Forum says it is alarmed at the partisan slant a patriotic advise to the Federal Government by Governor Godwin Obaseki, on its monetary policies has assumed.
In a statement by the Director-General of the PDP Governors Forum (PGF), Hon CID Maduabum, governors of the opposition party said it is unhelpful for the Progressive Governors Forum to join the fray in the manner it did by its recent statement attacking the “bona fides of Governor Obaseki” who merely warned the monetary authorities about the danger of uncontrolled use of Ways and Means, that is, the printing of Naira, to support government’s expenditure.
According to the PGF, Governor Obaseki has a background in economics and finance and is a very responsible governor who talks in a measured way.
“His advise, which by the way has been corroborated by none other than the Governor of the CBN himself, and the international ratings agency FITCH , should be heeded rather than being crucified for sounding a note of caution.
“No doubt the Federal government has been supporting the States in the area of agriculture, budget, refund of Federal Government executed projects by States and a few other areas of intervention. Is CBN trying to be vindictive and vengeful by recalling its loans to the States because of an informed advise by a Governor?. It is unfortunate that governance has plummeted to this level,” the PGF’s communique partly reads.
The opposition governors asked the Federal government to plug financial leakages in the system and curb wasteful expenditure of billions of Naira on projects that can be executed by the private sector and save a lot of money in the process, thereby relying less on Ways and Means by the CBN, which brings pressure on the Naira with its inflationary consequences.
Nigeria’s inflation rate has continued to rise, as of April 15, the Consumer Price Index (CPI) which measures inflation increased to 18.17 per cent (year-on-year) in March, a development which the PGF insists all Nigerians should be concerned to find ways of stemming the tide.
“We are all involved in the urgent task of rescuing the economy of Nigeria and nobody should indeed play the OSTRICH,” the PGF emphasized.