Nigeria: I Did Not Urge Govt to Print New Naira Notes - Tinubu

Nigeria naira
30 March 2020

The National Leader of All Progressives Congress (APC), Senator Bola Tinubu has clarified that he did not call for the printing of new Naira notes in the message he released through his Tweeter handle.

Tinubu said yesterday that he used the platform to make known his thoughts should it become necessary for the government to act.

"Thankfully, we have not seen the worst of the virus but we must be bold and we must be prepared should the time for action ever arise.

He stated that he recommended the "main-taining (or expanding) present levels of government spending; (ii) focusing expenditure on public infrastructure and transportation (if the virus does not hit strongly) and health care (if it does); (iii) tax reduction and VAT suspension; (iv) food security; (v) lower interest rates; (vi) quantitative easing by the CBN to prop up the financial markets; (vii) exchange rate flexibility; (viii) debt suspension to support individuals and the private sector; and (ix) direct economic support for the poor.

"The core principle underpinning all of the above is that the federal government must adopt a countercyclical fiscal policy and should not be afraid to spend as much naira as is required to protect the economy.

"One thing I absolutely did not call for was the literal printing of new naira notes by the federal government. Such a suggestion is extremely far-fetched and has never been on my mind. It is unfortunate that my prescriptions

were so badly misunderstood and misreported," he explained.

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