The governor insists the government printed money to give to states.
The governor of Edo State, <a target="_blank" href="https://en.wikipedia.org/wiki/Godwin_Obaseki">Godwin Obaseki</a>, has reacted to the Nigerian government's denial that it printed money in March to support allocations to states.
The governor said the federal government must act quickly to end the "current monetary rascality".
Mr Obaseki on Monday had lamented the fiscal state of the nation, saying by the country was effectively broke.
"When we got FAAC for March, the federal government printed additional N50-N60 billion to top-up for us to share," he said.
But the Minister of Finance, Budget and National Planning, Zainab Ahmed, on Wednesday said the claim was "untrue".
"The issue that was raised by the Edo State governor for me is very, very sad, because it is not a fact," Mrs Ahmed claimed.
Mrs Ahmed insisted that FAAC allocation was from revenues from different agencies of the federal government.
"What we distribute at FAAC is a revenue that is generated and in fact distribution revenue is a public information. We publish revenue generated by FIRS, the customs and the NNPC and we distribute at FAAC. So, it is not true to say we printed money to distribute at FAAC, it is not true," she said.
The ruling All Progressives Congress (APC) also tackled Mr Obaseki, and rejected his claim that the Nigerian economy was in a critical situation due to a huge debt burden.
"The true position is that under Obaseki's watch, the economy of Edo is in dire straits with the governor bereft of ideas on how to get it out," the APC said.
"The state is engulfed in a foreign debt of 300 million dollars and a domestic debt including loans from commercial banks, the capital market, and other doubtful sources, approaching N120 billion as at March, for non-existent projects," it said.
Mr Obaseki in a tweet on Thursday said, "We believe it is our duty to offer useful advice for the benefit of our country."
"The Minister of Finance, Budget and National Planning, @ZShamsuna should rally Nigerians to stem the obvious fiscal slide facing our country," the governor said.
"Rather than play the Ostrich, we urge the government to take urgent steps to end the current monetary rascality so as to prevent the prevailing economic challenge from degenerating further.
"We believe it is imperative to approach the Nigerian project with all sense of responsibility and commitment and not play to the gallery because <a target="_blank" href="https://www.premiumtimesng.com/news/top-news/455228-chibok-girls-still-on-our-minds-presidency.html">ultimately</a> time shall be the judge of us all."