President Bola Tinubu proudly announced on Monday that his administration has successfully met Nigeria’s financial obligations for the past three months without relying on remittances from the Nigerian National Petroleum Company Limited (NNPCL) or drawing on Ways and Means from the Central Bank of Nigeria (CBN).
“Push me to my brag mode,” Tinubu quipped during a conversation with reporters at his Bourdillon residence in Ikoyi, Lagos. “In the last three months, I’ve not taken a penny from NNPC before meeting my other obligations. To me, that is excellent.”
The President further highlighted his departure from what he described as the “old order” of excessive borrowing. “I’ve met all obligations without falling back on Ways and Means,” he said.
When asked if he was evaluating his performance, Tinubu confidently replied, “Why not? Will you score me? I should grade myself if I do my homework right.”
In September 2024, the CBN Governor, Olayemi Cardoso, criticised his predecessor, Godwin Emefiele, for economic mismanagement, including excessive money printing to fund government spending. Cardoso revealed that the money supply had ballooned from ₦19 trillion in 2015 to ₦54 trillion in 2023, attributing much of the increase to Ways and Means financing.
The Ways and Means mechanism, traditionally used by the CBN to provide short-term financing for the Federal Government, has been blamed for fuelling inflation by injecting excess liquidity into the economy.
Tinubu’s remarks underline his administration’s focus on fiscal discipline and reducing dependency on unsustainable financial practices.