I Meet Financial Obligations Without NNPC, Ways & Means -Tinubu Brags

President Bola Tinubu in a bold declaration during his first media chat announced a major shift in Nigeria's fiscal management approach. For three consecutive months, he has successfully met the country's financial obligations without resorting to funds from the Nigerian National Petroleum Company Limited (NNPCL) or utilizing the Central Bank of Nigeria's (CBN) Ways and Means facility.

This achievement marks a departure from previous administrations' practices and signifies Tinubu's commitment to economic reform and fiscal responsibility.

"Push me to my brag mode," Tinubu stated confidently, "in the last three months, I’ve not taken a penny from NNPC before I meet my other obligations. To me, that is excellent." His remarks highlight a strategic move towards more sustainable financial practices, aiming to stabilize Nigeria's economy and reduce dependency on traditional revenue sources.

The NNPCL has historically been a major source of revenue for Nigeria, with its remittances playing a crucial role in funding government operations. However, Tinubu's decision to forego these funds indicates a deliberate effort to diversify the country's revenue streams and promote economic resilience.

Similarly, the CBN's Ways and Means facility, which offers short-term financing to cover budget shortfalls, has been a tool frequently used by past governments. This facility involves the central bank providing funds to the federal government, often leading to increased money supply and potential inflationary pressures.

Tinubu's avoidance of this facility reflects his administration's focus on curbing excessive liquidity injection into the economy, a practice criticized for contributing to economic instability.

Tinubu did not shy away from critiquing the economic policies of his predecessors. He specifically pointed to the actions of former CBN governor Godwin Emefiele, who was blamed for harming the Nigerian economy through excessive money printing and liquidity injection.

"In 2015, the money supply was about N19tn, and in 2023, it was N54tn. That’s a huge increase, a very huge increase," Tinubu noted, emphasizing the detrimental impact of such practices on the economy.

The president's critique aligns with his broader vision of implementing prudent economic management strategies. By reducing reliance on unsustainable financial practices, Tinubu aims to address the challenges inherited from prior administrations and set Nigeria on a path towards long-term economic stability.