Tinubu Tells Federal Government to Print More Naira Notes — “A Call For Digital Naira”
All Progressives Congress National Leader, Asiwaju Bola Tinubu, suggests that government print more naira to help restructure the failing economy and improve our health sector following the coronavirus outbreak in Nigeria.
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Tinubu said this in a statement he wrote in commemoration of his 68th birthday on Friday.
The former Lagos State governor said, “The public health care systems of developed nations have been overwhelmed by this virus. They are running out of equipment and healthy doctors.
Our public health care system is much smaller and less equipped than those in Europe and North America. We cannot afford to put undue pressure on our system because it cannot bear the great weight of a pandemic.”
Tinubu, referring to the US government’s $2 Trillion stimulus package for the COVID-19 outbreak said, “Federal Government should print more naira notes to save the economy. United States Federal Reserve had printed more dollars bills to boost the economy. Nigeria could also do the same.”
Tinubu added, “Already, the price of oil has fallen to less than $30 a barrel. This will bring a dollar shortfall. This does not, however, necessitate a corresponding shortfall in public sector naira expenditures.”
Going further he said,“US controls dollar issuance. We control naira issuance as is our sovereign right. Just as America has used its sovereign right to issue its currency to stave off economic disaster, so too may Nigeria issue naira for the same purpose.”
Tinubu also suggests that Federal Government stops or reduce the collection of Value Added Tax.
He wrote, “Government should announce a tax credit or partial tax reduction for companies or firms. VAT should be suspended for the next two to four months. This will help lower import costs and protect against shortages.”
We can recall that the digital dollar frenzy by the US government last week is still hovering in the air.
CBN recently admonished the use of alternative means of payment.
While Nigeria is looking for strategies to implement in other to alleviate the failing economy, the country may also emulate the issue of digital naira just the US.
Aside US, many other countries including China is considering the issuance of digital Yuan. Meanwhile, Ghana had previously talked about the launch of a digital cedis—E-cedis in a bid to grow the country’s digital economy.