In a tweet shared via his Twitter account, Senator Bola Tinubu, the National Leader of the All Progressives Congress (APC), made it clear that he did not advocate for the printing of new Naira notes.
According to Tinubu’s statement from yesterday, he used the forum to voice his opinions in the event that the government had to take action.
Fortunately, the worst of the virus has not yet struck, but should the need for action ever emerge, we must be proactive and ready.
According to his recommendations, government spending should be “maintained (or increased) at current levels; (ii) focused on public transportation and infrastructure (if the virus does not spread widely) 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 support the financial markets; (vii) exchange rate flexibility; (viii) debt suspension to support individuals and the private sector; and (ix) direct economic assistance for the poor.”
All of the aforementioned is based on the fundamental tenet that the federal government must implement a countercyclical fiscal strategy and not hesitate to spend as much naira as necessary to save the economy.
“The federal government’s actual printing of fresh naira notes is something I vehemently opposed. That’s a rather ridiculous idea, and I’ve never considered it. He clarified, “It is regrettable that my prescriptions were so misinterpreted and misreported.