Senator Jimoh Ibrahim, a member of the Senate Committee on Committee Budget Appropriations, has said that the government of former President Muhammadu Buhari printed 30 trillion naira without allocating that money to any particular fiscal development project, such infrastructure.
He posed a theoretical question, implying that few would object if money was printed to build Ajaokuta and the initiative was successful. He did, however, draw attention to the fact that Ajaokuta’s development was not given any special funding from the money printing.
He said in an interview with Channels TV, ”The amount of money borrowed by this government is quite nothing and insignificant when you talk about the Buhari government. The Buhari government printed 30 trillion naira and this printing of money was not earmarked specifically for a fiscal development program like infrastructure.
If you print money to develop Ajaokuta, who will blame you provided we have Ajaokuta running? But you print money not for Ajaokuta. We have a debt of 6 billion dollars on Ajaokuta and we have 25% of the total cast budget for the importation of Iron. Look at the consequence effect on foreign exchange.”
