In a startling revelation, the Minister of Finance, Mr. Wale Edun has pointed fingers at the Buhari administration for Nigeria’s current inflation crisis, attributing it to the irresponsible printing of money.
During a session with the Senate Committee on Finance, Edun disclosed that between 2015 and 2023, the Central Bank of Nigeria printed a staggering N22.7 trillion for the Federal Government through Ways and Means overdrafts.
Edun emphasized that this massive money printing spree was not accompanied by corresponding increases in productivity, leading to the inflationary pressures the country is grappling with today.
He cited a lack of restraint in spending the N30 trillion amassed through Ways and Means under the previous administration as a significant factor contributing to Nigeria’s food and security challenges.
Acknowledging the Senate’s resolve to investigate the utilization of these funds, Edun assured the committee of the government’s commitment to addressing the underlying causes of inflation and fiscal imbalance. He outlined measures aimed at bolstering revenue generation without resorting to unsustainable practices, such as excessive money printing or undue borrowing.
Edun commended the Senate for its support in tackling fiscal challenges and pledged to address loopholes in import duty waivers to enhance the country’s fiscal resilience. Despite the current economic hurdles, he expressed optimism about the government’s ability to implement effective policies that would stabilize inflation rates and foster sustainable economic growth.
