Buhari’s Unwise Money Printing Fuels Inflation – Edun”

The Minister of Finance and Coordinating Minister of Economy, Wale Edun, addressed the Senate Committee on Finance, revealing that from 2015 to 2023, the Central Bank of Nigeria printed N22.7tn for the Federal Government through Ways and Means overdraft. This massive injection of funds, done under former President Muhammadu Buhari’s administration, lacked a corresponding increase in productivity, ultimately contributing to Nigeria’s current hyperinflation crisis.

During the eight years, Edun highlighted that trillions of naira were printed without sufficient backing from productive economic activities. Consequently, the unchecked expansion of the money supply led to the significant inflationary pressures plaguing the nation today.

In response to mounting concerns, the Senate recently launched an investigation into the N30tn Ways and Means spent by the previous administration. This move was prompted by allegations of reckless expenditure, particularly the misuse of funds acquired through overdrafts from the Central Bank of Nigeria under Godwin Emefiele’s leadership. Edun emphasized the urgent need for accountability, stressing that the lack of transparency surrounding these expenditures has exacerbated the country’s economic challenges, including food and security crises.