Buhari’s 8 Years Of Printing Money Without Productivity Caused Inflation.
“Finance Minister Wale Edun Attributes Current Inflation to Unproductive Printing of Trillions Under President Buhari.
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, addressed the Senate Committee on Finance, highlighting the cause of the country’s current inflation.
Edun emphasized the unproductive printing of trillions of naira during President Muhammadu Buhari’s administration.
He announced plans to conduct an audit on the aimless printing, specifically focusing on the staggering N22.7 trillion. This revelation came to light during an interface with the Senate Committee on Finance on Wednesday.”
He said, “The N22.7 trillion printed by the Central Bank of Nigeria (CBN) through Ways and Means overdraft for the federal government from 2015 to 2023 landed Nigeria into hyper-inflation.
“We talked about inflation. Where has it come from? It came from 8 years of just printing money not matched by productivity. What happened was that for eight years, the weak were left to their own devices. It is the privileged few that took everything. That is the reality. So that money supply must be brought back.
“You distinguished senators have helped. You have given us the mandate to raise N7 trillion which we will do by sucking money from the market, using it to pay back the CBN and giving the government a balanced book. We are going to audit even the N22.7 trillion printed aimlessly.”
“In concluding the session, Senator Sani Musa (APC Niger East), Chairman of the Committee, affirmed that the interactive sessions would persist as an ongoing exercise. This approach ensures the committee remains updated on the government’s plans, both short and long term, in addressing the prevailing economic challenges in the country.”
