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N50bn FAAC Shortfall: We Declined Govs’ Request To Borrow From CBN

20/04/2021 120 Views

Controversy over claims by Edo State Governor, Godwin Obaseki, that the Federal Government printed N60 billion to augment March allocation from the federation account, took a different dimension yesterday, as the Minister of Finance, Budget and National Planning,
Mrs. Zainab Ahmed, revealed that governors actually wanted to borrow money from the Central Bank of Nigeria, CBN, for the shortfall, saying government turned down the request.

Governor Obaseki had said two weeks ago:

”When we got FAAC for March, the federal government printed additional N50-N60 billion to top-up for us to share.


“This April, we will go to Abuja and share. By the end of this year, our total borrowings are going to be within N15-N16 trillion.”

This claim has generated much controversy in the polity, with the Federal Government insisting that the governor lied in his claim.

Godwin Emefiele, governor of CBN, had also dismissed Obaseki’s claim, describing it as “unfortunate and totally inappropriate.”


The development also pitted governors of ruling All Progressives Congress, APC, against their Peoples Democratic Party, PDP, counterparts weekend, with governors on both sides of the divide defending their own.

FG turned down request by govs to borrow from CBN.


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