The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, pointed fingers at the administration of President Muhammadu Buhari for the current inflation plaguing the country, citing the printing of trillions of naira without corresponding productivity.
Speaking during an interface with the Senate Committee on Finance, Edun emphasized the need to scrutinize the N22.7 trillion printed by the Central Bank of Nigeria (CBN) between 2015 and 2023. He argued that this excessive printing, done through Ways and Means overdraft for the federal government, had led Nigeria into hyper-inflation.
Edun highlighted an eight-year period where money was printed without adequate investment in productivity, leading to a concentration of wealth among the privileged few while leaving the weak to fend for themselves. He stressed the necessity of addressing this issue by curbing excessive money supply.
The Minister praised the efforts of the Senate Committee in mandating the government to raise N7 trillion, which would be utilized to absorb excess liquidity from the market, repay CBN debts, and ensure fiscal balance. He pledged to conduct a thorough audit of the indiscriminate printing of N22.7 trillion.
In his closing remarks, Senator Sani Musa, Chairman of the Committee, assured that such interactive sessions would be ongoing to keep the committee updated on the government’s strategies for tackling the current economic challenges faced by the country.
