Tinubu Boasts: ‘I Meet Financial Obligations Without NNPC, Ways & Means

President Tinubu proudly states that his administration is fulfilling financial obligations independently, without relying on NNPC or Ways & Means funding.

On Monday, President Bola Tinubu confidently announced that for the past three months, he has managed to meet Nigeria’s financial obligations without relying on remittances from Nigerian National Petroleum Company Limited (NNPCL) or utilizing Ways and Means advances from the Central Bank of Nigeria (CBN).

“If I’m allowed to boast a bit, in the past three months, I’ve managed my obligations without needing any money from NNPC. To me, that’s impressive,” an elated Tinubu shared with reporters on Monday during a conversation at his Bourdillon residence in the upscale Ikoyi area of Lagos State.

The former governor of Lagos stated that he has fulfilled Nigeria’s financial obligations “without reverting to past practices, without resorting to Ways and Means; I have met all commitments.”

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When questioned about whether he was evaluating his own performance, the President responded, “Why not? Will you assess me? I should grade myself if I’m doing my homework correctly.”

In September 2024, Olayemi Cardoso, the head of Nigeria’s central bank, attributed the damage to the Nigerian economy to his predecessor Godwin Emefiele. He accused Emefiele of excessive money printing and injecting too much liquidity into the system.

In 2015, the money supply was approximately N19 trillion. By 2023, it had grown to N54 trillion, marking a significant and dramatic increase. A considerable portion of this growth can be attributed to ways and means financing.

In essence, the printing of money led to a large sum of cash pursuing an unchanged or relatively constant supply of goods. I believe it’s crucial to understand this context.

Referred to as Ways and Means, the central bank provided short-term financing to the Federal Government to address its budget deficits.